In the coming months, most new credit and debit cards will come embedded with a microchip that helps prevent counterfeit fraud. Next year, some fraud liability will shift from issuers to merchants who haven’t upgraded their terminals.
Why are EMV chip cards the best option for businesses today?
Businesses that do upgrade their terminals are investing in security. Effective October 1, 2015 any business that is chip enabled is protected from counterfeit fraud transactions affiliated with the major payment brands. If they choose not to invest in chip technology, the business will be financially responsible for counterfeit fraud conducted in their stores.
Chip technology generates a unique code with every transaction. This code makes it much more difficult for a criminal to use account information if stolen. All a business needs is a terminal that can communicate with the new chip cards. Many businesses may already have a terminal with a slot for credit card acceptance, but it may not be activated. In that scenario, the merchant will need a minor software download from its processor. Other businesses may need new terminals. Chip enablement could range in cost from nothing for software activation to a few hundred dollars for a new terminal.
For any questions in determining what course of action you need to take, Superior Financial Systems is here to help whether you process with them or not. For further information, please call Todd Lazar at 888-737-7762 or by email: [email protected].
