In October 2015, Visa, MasterCard, Discover and American Express mandated liability shifts for fraudulent transactions. This means that merchants using legacy magnetic stripe readers for accepting credit cards carry the entire burden for merchant chargebacks if a card with a chip is swiped. While EMV payment terminals are typically more expensive to purchase than magnetic stripe readers, it’s important to weigh the upfront cost against the potential long term cost of paying for customer initiated chargebacks. Many consumers will prefer using merchants capable of processing EMV transactions because EMV advertises an enhanced level of payment security.