There is Still Time to Upgrade Your Payment Processing Hardware
Well, the October 1st deadline has come and gone. As of two weeks ago the new liability rules have been instated. These new liability rules place responsibility onto merchants if any fraudulent charges are made on their customer’s cards. In the past banks and credit card companies were held responsible for fraudulent charges. This is no longer the case.
That’s right, if your customer finds illegitimate charges being made on their card after shopping at your place of business, you will be the one held responsible! This is a scary reality. The best way to protect yourself is by making sure that your payment processing equipment is upgraded to accept the new EMV cards.
What difference do EMV cards make?
I know what you are thinking. What difference does it make if I can accept EMV (chip and pin) cards? Well, honestly it makes a HUGE difference.
EMV (chip and pin) cards are notably more secure because the customer must enter a pin for these payments to process. This means that it is nearly impossible for fake charges to be made on these cards unless you know the customer’s pin. What this means is that as a business owner you can protect yourself from claims that fraudulent charges have been made, by only accepting cards that have the EMV technology. To do this you will need to have payment processing hardware that can process payment by chip and pin card/ EMV cards.
Unfortunately, the latest polls reveal that more than 60% of merchants have not yet upgraded their payment processing technology to accept the new chip and pin cards. Since all banks and credit card companies have now issued these new cards to their clients, these companies are no longer liable. This means that the responsibility now falls onto merchants to make sure that their business is ready to accept payment from customers using these newly issued cards.
The silver lining is that there is STILL TIME TO UPGRADE. Even if you have missed the October 1st deadline! You can still protect yourself by upgrading your payment processing hardware as soon as possible.
At NPC San Diego we have extended our special offer to provide FREE equipment upgrades for new and existing customers. To find out more about this please visit the following page.