You’ve probably heard of people stealing, buying and selling credit card information. You don’t want your business to be the victim of such a transaction. But on any given day, your small business is now vulnerable.
The cardholder’s issuing bank previously took care of these situations. Previously.
That’s the way it used to be. Now your small business could be the one that is liable–not the issuer. Starting October 1, the rules changed for Europa, MasterCard and VISA (EMV) cards. Now, there are “chip cards”, and U.S. credit card companies set October as the deadline for the national adoption of their new chip cards. So, if you have not integrated EMV technology that processes chip cards, your business will now become financially responsible for fraudulent transactions previously covered by the cardholder’s issuing bank.