-From Brandon Kucia, Priority Business Solutions
Although well-known oversees, the term EMV is not so well known to U.S. markets. That will surely change in 2015 as the United States catches up to the rest of the modern world with the requirement of Electronic Chip Card technology also known as Smartcard. The savvy business owner will be in front of this change and ready to take advantage of the benefits associated with this new technology. Compared to the current technology come to be known as “swipe and sign”, a chip is extremely difficult to crack; card authentication and PIN verification are performed automatically and objectively by the chip raising the level of transaction security tenfold.
What does all of this mean to the business owner who relies on credit card purchases? In October 2015 U.S. credit card companies will fully embrace the chip technology.
Merchants will be required to have equipment that will read and accept the new cards.
Currently, banks are responsible for any credit card fraud that may occur. With this new liability shift, merchants who have not upgraded their point of sale equipment to process transactions made via Chip and Pin will be responsible if fraud should occur on that card. Although magnetic stripe cards will still operate, the transition to chip cards will be quick and merchants will want to be ahead of the demand.
Read More: www.emvchangeover.com
Priority Business Solutions – Brandon Kucia
1910 Park Meadows Drive, Suite 202
Fort Myers, FL 33907