EMV is a credit card security technology that uses microchips in smart cards instead of magnetic strips. It will soon be required for US merchants as a liability shift takes effect in October 2015, where processors will hold merchants responsible for fraud losses if they cannot accept EMV chip cards. Merchants need to upgrade their payment terminals to ones that are EMV-compliant by this deadline, especially those in high risk industries like gas stations which have until 2017. It is advised that merchants begin planning for this transition as soon as possible to budget for new equipment in 2014.