Business owners and consumers alike have been hearing a lot about the upcoming EMV liability shift, but many small businesses simply aren’t prepared. With the October 1st 2015 deadline right around the corner, it’s important to make sure that you’re prepared for the change. Here are some important things you should know about the switch:
- What is EMV technology? Why do we need it?
EMV, which stands for “Europay, Mastercard, and Visa”, has been a mainstay in Europe and most of the industrialized world for years. In fact, the US is the last major market still using magnetic-stripe only cards, which according to this recent Cardhub article, has resulted in almost half of the world’s credit card fraud happening in the United States –even though only about a quarter of all credit card transactions take place here. This, along with many of the high profile data breaches in recent years has pushed the banks to make the switch and make it quickly.
- How do EMV chip cards work?
Most likely, you’ve recently been provided with a new credit or debit card equipped with the EMV chip. This addition is a tiny, but very advanced computer chip that is incredibly difficult to fake. Instead of swiping the card, these new chip cards will be dipped into a slot of your new processing device and left there until the transaction is complete. These extremely secure chip cards are expected to drastically decrease the amount of fraudulent transactions that occur in the United States.
- How will the “liability shift” affect me? How will it affect my business?
Currently, when a fraudulent transaction is run by a merchant, the banks will absorb the cost. Beginning Oct. 1st 2015, if someone pays you with a fraudulent chip card and you are not equipped with the proper processing equipment to accept EMV chip cards, the bank will no longer be responsible for absorbing the cost, which leaves you and your business holding the bag. How do you prevent this? By making sure your business is prepared and set up with and EMV chip card compatible method of accepting credit cards.
- What kind of equipment upgrade will I need? How much will it cost?
There are plenty of affordable options currently available to help you prepare for the deadline. One of the most advanced options available is the Clover Mini. The Clover Mini accepts NFC payments like Apple Pay and EMV! Another bonus? It’s free for qualified businesses if you apply for a Clover Mini with uSwipe. Upgrading your equipment doesn’t have to cost you a fortune. Find out if your business qualifies and make sure your business is prepared.
Ready to upgrade your equipment to accept EMV chip cards? All you need now are the right rates to suit your business needs. As a trusted source of reliable payment processing for over a decade, uSwipe’s goal is to enable our clients with a better overall processing experience by offering resources and rates unmatched by our competition. Let us provide you the very latest in payments technology at the best rates available.
To find out more about what the Clover Mini can do for you, visit uswipe.com/clover