Is your small business ready for the credit card chip deadline? October 1, 2015 is the deadline for all U.S. retailers to have the EMV standard in place. EMV, also called “chip and pin,” is the newest standard for payment cards. EMV stands for EuroPay, MasterCard, and Visa, the 3 companies who created the chip technology standard.
New cards being produced under EMV specifications contain a computer chip to store card data on instead of the typical magnetic strip that you would see on the back of credit cards. The EMV technology is already a standard for retailers in other countries but the U.S is behind on implementing this new technology.
More than $8 billion is the estimate for credit card fraud in the U.S. each year. Europe has been using a chip and pin number verification system for purchases for years and has considerably less fraud.
If you are a small business owner in the retail industry and you do not have the new EMV technology ready by October 1st then you could be held liable for any fraud that occurs. If there is a breach or any fraudulent compromise of customer payment data, you as the retailer will be on the hook for 100% of the compromised transactions.
For businesses that accept credit cards, the switch to EMV involves adding new in-store POS and office technology to accept the cards and learning how to use it. Visa projects that 47% of the merchant card reading terminals in the U.S. will upgrade to EMV chip technology by the end of 2015.
Don’t let your customers be vulnerable to fraud or let your company become liable for any credit card fraud that occurs. Make sure your business is ready for the October 1st deadline.
To learn more about growing and running your business, please contact a Corporate Service Center Representative today at 1- 866-411-2002, Monday thru Friday, 8 am – 5 pm PST.