The nationwide shift to the new credit cards with chip technology, commonly referred to as EMV, is well underway. EMV is short for Europay, MasterCard, and Visa.
U.S. credit card companies are making the transition from magnetic stripe technology to cards with chips. Chip cards are payment cards with an embedded chip that significantly increases transaction and account data security. For small businesses, the switch means adding new technology and internal processing systems, and complying with new liability rules. The switch to EMV resulted in a change in liability for credit card fraud. Prior to the switch, if an in-store transaction was conducted using a counterfeit, stolen or otherwise compromised card, consumer losses from that transaction generally fell back on the payment processor or issuing bank, depending on the card’s terms and conditions.
Beginning October 1, 2015, a deadline set by major U.S. credit card issuers including MasterCard, Visa, Discover and American Express, the liability for fraud shifted to whichever party is the least EMV-compliant in certain fraudulent transactions.
The Orange County SBDC is committed to making sure our small business community understands what this transition means for you, your business, and your customers. That is why we have partnered with Irvine Company Retail Properties and Chase Bank to provide you a workshop titled Credit Card Processing – Changes Affecting Small Business Owners.
Whether you accept credit cards in-store, online, or via mobile apps, you still need to know the impact of the new law and how to do it correctly. Don’t miss this educational opportunity. To reserve your spot, register now!
