There is a liability shift pertaining U.S. merchants accepting credit cards. All merchants are strongly encouraged to upgrade to EMV enabled terminals to accept the new chip credit cards. EMV chip cards can be identified by their embedded chip on the front of the card. They also have a magnetic stripe on the back, but in order to protect yourself from any liability, you need to dip any chip cards presented to you. If you swipe the magstripe because you don’t have an EMV ready machine, the liability for certain kinds of fraud shifts from the bank to you.
Whats the Problem?
The U.S. is responsible for more then 75% of the worlds credit card fraud! Magnetic stripes on the back of credit cards are very easy for criminals to scan and copy.
Whats the solution?
Chip cards use a new encryption for every sale, making sales more secure and virtually impossible for crooks to copy and duplicate.
What do Merchants need to do?
Get a new EMV chip card reader! Of the 1.3 billion U.S. credit and debit cards in circulation, 70% will have chips by the end of 2015
1Quest Payment’s mission is to help as many merchants as possible find the best credit card processing solution so they can focus their time and energy on growing their business. Contact Donnie today, call 1.800.413.7573 or use our contact form