Next October European-style “Chip & PIN” cards will finally be coming to the US. These types of cards cut down on credit card fraud significantly. The switch will be coming none too soon, as massive credit card hacks like the latest at Home Depot occur with increasing regularity.
In October 2015 the main credit card providers in the US will officially be switching to the EMV payment system. The most important point for small businesses? If your business can’t process the new cards with the new protocols, you’ll be on the hook for fraud instead of the bank. (If the bank fails to provide updated cards, the bank will be liable.)
US businesses have one year to prepare for the payment system change.
By Sharon Campbell