This October, whether businesses are ready for it or not, Payment Networks’ Liability shift associated with EuroPay, Mastercard and Visa (EMV) is due to take effect in the United States. This change will leave the merchants with the liability for any counterfeit fraud that goes on in their place of business.
The big selling point for EMV has been to reduce counterfeiting fraud, which magnetic-stripe cards are quite vulnerable to and also to get the United States in step with the rest of the industrialized world where chip cards now dominate.
This change now requires merchants to have an EMV compliant terminal and the stats out there are showing a large number of small businesses are either not aware of the coming change or have done nothing to prepare for it. When surveyed more that 71% of business owners admitted to not even knowing about the coming change this October and over 80% answered no when asked if they have upgraded their point of sale system or terminals to be EMV ready!
This is nothing to be brushing under the rug if you are a business owner. Eating the cost of credit card fraud could severely impact ones business.
Get a free consultation and let us help you replace your point of sale terminal to be EMV compliant!
Give us a call at 602-955-6984 for your free consult!