There’s a new credit card payment standard coming to town—and if you haven’t already, it’s time to comply. This fall, EMV (Europay, MasterCard and Visa) specifications will change the way all businesses get paid and how credit card fraud is handled. Are you prepared?
In the name of improved security, credit cards with magnetic strips are being phased out and replaced with cards containing an embedded microchip. A two-step checkout process requires the new cards to be ‘dipped’ (not swiped) into a special reader, along with entry of a passcode. (There is also a contactless version where consumers simply wave the card in front of a reader.) While improving technology to combat fraud is welcomed, the final phases of this transition could cause some headaches.
Here are some things to know:
- Mark October 1, 2015 on your calendar. If not in compliance after this date, you could be held liable for fraudulent transactions.
- Contact your point-of-sale (POS) provider now. Get specific questions answered and confirm whether or not upgrades need to be made.
Even if you’ve seen this coming over the past few years, now’s the time to act.