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SMALL BUSINESS NEWS

15 Jun 2015

 

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Small Businesses Have An Important Deadline

An important deadline is looming for small businesses in America.  Beginning October 2015 charge card counterfeit liability will Shift  to you.

This means that if you donít switch to EuroPay, MasterCard and Visa (EMV) cards and someone commits a charge card fraud via your ponit-of-sale system (POS), you will be faced with the charge-back.  This, no doubt, will have anegative impact on your business.

EMV cards includes an embedded chip which uses cryptography thereby making them nearly impossible to counterfeit.  There are two types of EMV cards: Chip and PIN, and Chip and Signature.

In order to meet the new standard existing POS terminals must be upgraded.  This may come as a cost to your small business.  Check with your POS merchant to learn what their time line is for rolling out the new POS equipment that can process the new chip cards.

Your current POS system will be able to continue processing transactions with the new Chip cards until they are replaced.  But, replacing them is key, because it eliminates the liability your business will face when there is fraud.

 

Sources:
Smart Card Alliance FAQ
Visa ChipCard Readiness Guide


By Jack River

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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