Who Needs New Credit Card Processors?


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Who Needs New Credit Card Processors?

Don't Be Liable

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. 

Are you affected?

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.

Some things to keep in mind

  • You will need new chip-enabled terminals. Many of these are currently on backorder to meet the demands of the deadline, so inquire about this soon. 
  • If you are currently processing credit cards directly through your software (versus standalone terminals), confirm that you software solution provider is EMV ready.

Wynne Systems has been following this development for years and can help you through the migration process.  Contact us for details.

 

tranlyWritten by Tran Ly, Director of Technology at Wynne Systems.


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About the Author

Jill Becker

Jill is a Marketing Manager at Wynne with years of industry experience in software and equal experience in marketing. Jill specializes in our digital marketing efforts and can be seen working hard behind the scenes at our webinars and events or chasing her two little ones. Follow Jill at Linkedin.

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