How to Be Ready for the EMV Shift in October 2015
The EMV liability shift in October is quickly approaching, so don’t be left behind. The EMV chip and pin cards have been used in Europe for years and talked about in the US for quite some time, but now they are finally being implemented.
EMV cards are meant to reduce credit card fraud by making the cards harder to use by thieves. The cards work by being inserted into an EMV compatible terminal and once the transaction is processing the owner of the card inputs his or her special pin number and the transaction will be approved if the correct pin is used. EMV chip cards will make it much harder for thieves to use stolen credit cards.
Purchase an EMV Compatible Terminal
Getting a new terminal by October 2015 is something you cannot overlook. Once the EMV liability shift happens in October, if your business uses a non EMV terminal and fraud occurs, you are responsible for the fraud. It may seem like a risk you’re willing to take, but fraud happens to small business owners much more often than we realize and on average ends up costing them $36,000.
Getting an EMV compatible terminal does not have to be a huge expense. You can get one for almost the same price as a regular terminal and whichever place you got your previous terminal most likely sells EMV compatible ones. Purchasing a new EMV compatible terminal can seem like an unnecessary expense, but spending a few hundred now will really save you in the long run if there are fraudulent transactions at your business.
Help Raise Awareness
Although the EMV compatibility shift has been covered frequently online, some merchants still don’t know the full extent of what the liability shift means. Sharing what you know with friends and fellow business owners is one way you can help make credit card transactions more secure and reduce fraudulent transactions.
Taking part in this liability shift is one way you can be a part of creating a better credit card industry for future generations. Not only can you let other business owners know about the change, but you can also talk to your customers about getting their banks to update their cards to chip and pin ones.