Do you accept credit cards in your business? If so, you should be aware of the fast approaching EMV deadline.
Historically credit cards contained information on magnetic stripes, which are prone to fraud. Due to the rising fraud rates, there has been a worldwide migration to EMV smart chip enabled credit cards.
On October 1, 2015, the liability shift associated with EuroPay, MasterCard, and Visa (EMV) is due to take effect in the United States. On this date, merchants who are still using non-EMV compliant devices will assume the liability for counterfeit credit card transactions. This means that if a customer uses a stolen credit card at your store, you would have to cover the cost of the transaction.
If you only accept credit cards over the phone or web (also known as card not present transactions), then there’s nothing you need to do. However, if you accept credit cards in your stores, then you should start discussing preparation steps with your merchant service or software solution provider.
Wynne Systems has been following this development for years and can help you through the migration process. Contact us for details.
Written by Tran Ly, Director of Technology at Wynne Systems.