As small business owners we have to be extra vigilant to protect ourselves. If you’re accepting credit card payments, please make sure to update your systems immediately.
The responsibility of EMV chip card technology updating is now on the shoulders of small business owners, and they could be the ones facing the consequences if their systems are not up to date.
Stanley Nakano, the Small Business Administration’s Acting Regional Administrator said:
“A major transition is happening in America and small business owners who fail to act may pay a huge price. U.S. credit card companies have set October for the national adoption of chip cards (also known as EMV Cards). Businesses that have not integrated EMV technology to process chip cards will become financially responsible for fraudulent transactions previously covered by the cardholder’s issuing bank.”
Read the full article here.