We've been quite surprised how little press this issue has received. Even larger businesses that have made the investment in the new POS terminals are still swiping cards rather than using the EMV chips. This article contains basic information regarding upgrading to the new terminals and the shift in liability from the card issuer to the business.
On October 1, 2015, businesses of all sizes are required to have updated POS terminals and backend software to begin accepting EMV chip cards. If you haven't made the shift by October 1, your business, instead of the credit card company, becomes liable for incidents of credit card fraud.
The year of EMV migration is upon us and for U.S. SMBs that means significant changes when it comes to processing customer payments.
Have no idea what I mean by EMV? You're not alone. You've likely seen the tiny gold design on the front of many credit cards during transactions in recent months, but thought of it as more decorative than deliberate. Short for Europay, MasterCard, and Visa, EMV is a payments standard in which the designs — which are actually computer chips — are embedded into credit cards to create a unique impression.