October 1, 2015 is the start of the EMV card liability shift, but accepting the chip cards is not mandatory for businesses. EMV cards still have magnetic stripes, so businesses can swipe those cards if they’re willing to risk fraud.
Businesses should consider both the cost of switching to EMV technology and the likelihood of fraud. For example, a Dry Cleaners with no previous record of charge-backs or fraudulent activity, probably doesn’t need to rush and purchase a new EMV terminal. But if a business has a history of customer credit card fraud, it makes sense to invest in EMV technology. For example, a jeweler or an automotive shop are businesses that might be more susceptible to fraud and should strongly consider upgrading to EMV equipment.
The good news is that many companies are helping businesses upgrade to EMV equipment for free. Here at 1Quest Payments we happen to be one of those companies. To learn more about how we may assist your business, contact me directly for more information.