Get ready to see a massive increase in chip cards at your register as the card networks begin to implement the change.At this point, you should be seriously thinking about it. Make no mistake – you really do need to protect yourself from fraud liability.Leave a comment125 Comments Responses are not provided or commissioned by the vendor or bank advertiser.Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser.If you haven’t already heard, the instatement of EMV cards is imminent in the US.Suddenly all of those sales pitches from agents over the past few years (“You really need this future-proof terminal” “EMV cards are the future, you might as well upgrade now”) are beginning to sound less like pushy gimmicks and more like ignored prophecy, with your soon-to-be useless credit card machine hanging around your neck like the mariner’s albatross. Yeah, a lot of merchants are going to need to upgrade soon (maybe a good time to buy stock…), but the real headache is going to be for the merchant service providers who need to make sure all of their clients are using the right equipment and convincing the clients that an upgrade is necessary.
However, this is America, the land where we have the right to make our own choices, however stupid, and you are also free to roll the dice if you prefer (and your processing company allows you to). Or if you feel like your current merchant account services provider is going to rip you off for the new terminal, Tom loves asking tough questions and getting straight answers, so he has a lot of fun calling payment processing companies for Merchant Maverick to cut through their smoke and mirrors and find the real deals.
As the person taking over his retail business, I started getting pressure via phone calls from his merchant bank to swap out the old credit card processor for the chip style reader.
Since I was pretty much oblivious to trends in credit card processing, I mostly ignored the calls and indicated that the business would be closing soon anyway, which it has.
It’s not the end of the world if you don’t start running with the rest of the lemmings right away, but you be at greater risk for fraud liability if you process a counterfeit chip card come October 2015.
Also, at some point your processing company can and will force you to upgrade, so check out some of our favorite providers so you don’t get screwed when you buy a new machine.