Small
Businesses Have An Important Deadline |
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An important deadline is
looming for small businesses in America.
Beginning October 2015 charge card counterfeit
liability will Shift
to you.
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This means that if you don’t 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.
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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.
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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.
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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.
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Sources:
Smart Card Alliance FAQ
Visa ChipCard Readiness Guide
By Jack
River
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