As a business owner, you’ve probably been hearing some chatter about the liability shift. And that chatter has probably been picking up. That’s because the shift happens on October 1 — two weeks from now.
If you don’t have a handle on the liability shift and what it means for your business, it’s time to listen up. Come October 1, your business could be on the hook for fraudulent chip card transactions if you don’t process the payment using the EMV technology. Previously, the banks accepted this liability, but in fewer than 15 days, it could be passed on to you. Be ready because chip cards are quickly being rolled out to all U.S. consumers.
The liability shift is all in the name of reducing fraud, which is obviously a good thing. For both buyers and sellers, chip cards are a much more secure form of payment than magnetic-stripe cards. But understandably, big changes like this can be anxiety-provoking. Especially changes that involve the word “liability” as it relates to fraud.
But rest easy. It’s easy to get EMV-compliant with the Square reader for contactless and chip, which plugs right into the device you already have.
Aside from bringing you the latest and greatest in secure payment technologies, we’re also here to keep you knowledgeable. Just head to the New Payment Technologies section of this blog to get the lowdown on all things EMV and NFC (contactless payments), or sign up for our monthly newsletter, Town Square News. We want the switch to chip cards to be as painless as possible for businesses of all sizes, so you can get back to selling.
*Published on September 17, 2015