Don’t let your small business be liable for fraudulent
charges!
If your small business hasn’t updated credit card processing
equipment to accept the EMV credit cards as of October 1, 2015, you may now be
liable for fraudulent charges. EMV stands for Europay, Mastercard and Visa and
the new credit cards are meant to decrease fraudulent charges. The chips embedded in those new credit cards
generate a code as each transaction takes place to better ensure security. Then
if the credit card number is stolen, another purchase cannot by a thief cannot
be processed. Instead of just sliding
the edge of the EMV card, it is inserted into the credit card processer and
remains there throughout the transaction.
Buying the new credit card processors may be expensive for
small businesses and many may not even be aware of the requirement. But as of the deadline this week, any
merchant that only swipes the magnetic strip on an EMV type credit card with
the older equipment will be financially responsible if the credit card transaction
is fraudulent. Gas station pumps have
until October 1 2017 to comply.
For all the information you need on this critical deadline
click here to read more: https://www.nfib.com/article/get-to-know-the-fundamentals-of-emv-67831/
