Small Business and the new EMV cards
Our friends at NFIB have hit another home run for small business with a recent article and great infographic about the new EMV cards. The new EMV card is a big deal for small business since it shifts responsibility for fraud to those small businesses that have not adapted to the new technology.
To read more about the EMV cards, which stand for Europay, Mastercard and Visa, go to the NFIB website www.NFIB.com and search for the article “Infographic: How EMV cards will affect small business by Matt Shur (September 25, 2015) The date for the changeover (i.e. shift of liability) was October 1, 2015, but there is not much real data yet about how many small business owners have adopted the new technology. The technology to process the new cards can be expensive. One statistic from the infographic showed that while “66% of small businesses use card terminals to process payments, only 19% knew about the shift of liability.”
Europe has been way ahead of the U.S. in adopting the new card technology and claim significant reduction in fraud because of the encrypted computer chips in the cards. (Your bank may have already adopted the technology and sent you a new card with the computer chip inside.)
Each small business will have to decide whether the cost of the new technology is worth the expense, but remember that the shift in liability is real and those who do not adopt the technology assume the liability for fraudulent transactions that use counterfeit cards.
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