The nationwide EMV migration is well underway. But what exactly is EMV? You probably have a lot of questions. So we'll walk you through everything you need to know.
Credit Cards Then & Now
The U.S. banks are switching up the insides of our credit cards. They're adding something called EMV technology, which stands for "Europay, MasterCard, and Visa." Translation: Credit cards will be equipped with a super-small computer chip that's extremely hard to counterfeit. If you've gotten a card recently, chances are it's souped up with this technology.
Why the changeover? Here's a crazy statistic: Almost half of the world's credit card fraud now happens in the United States--even though only a quarter of all credit card transactions happen here. The banks want to rein this in ASAP by moving away from magnetic-stripe cards, which are much easier to counterfeit. The recent high-profile security breaches at some of the country's largest retailers have added motivation to make the switch quickly.
So how exactly will this affect your business? For starters, you'll need a new processing device to read the information in the chip cards. And come October 2015, businesses that don't have an EMV processing device could be on the hook for fraudulent chip card transactions. (This is something called the "liability shift," which we'll go into below).
As you might imagine, EMV is a pretty hot topic right now. There's a lot of information to sift through. And because any EMV card discussion usually mentions "fraud" and "liability," it's natural that it could put small business owners on edge.
But, rest easy--we've got you covered. The Square contactless and chip reader accepts EMV--and NFC payments like Apple Pay. And if you order our new reader, you can rest easy about the liability shift. We'll take care of fraudulent charges that would have been passed on to you due to the liability shift until you receive your new reader this fall. Read more about Square's liability shift coverage program.Hi, I'm with Certified Payment Processing and what we offer is lower credit card processing rates, free warranties and supplies, lease buy-outs[depending on the duration and amount], emv compliant machines[upgrade yours] to make it ready for 10/1/15 deadline to accept the new chip in the credit cards, mobile units for on the go processing, pos systems which does everything for you, even tax reporting, atm's[must have very good credit score]. If you are using the square or a similar product and service, we can offer you a free 30-day trial, cut your rates in half, free warranties and supplies, so what are you waiting for? Let me help put more money back into your business! Call Kim cpp-360
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