The EMV-Chip Card Deadline Is Here: Did You Miss It?

By Oct. 1, 2015, all retailers using credit and debit card transactions in the United States are required to convert to credit card readers that can process payment via the EMV chip (for more on the chip-style payment, read our previous post). As of the writing of this article, that deadline is Thursday. If this is the first time you’re reading about this, here are the answers to a few FAQs that are surely running through your head right now:

What happens if you haven’t obtained the required technology just yet? You, the merchant, now take on liability for certain types of credit card fraud every time you swipe a magnetic stripe card.

Well, how do I get the right technology? You need a reader that can handle both stripes and chips. The manufacturer of your current reader may already have a device that does this. Consult with your IT professional and finance department about what device works the best for your needs—it may be a good reason to upgrade.

What if I use Square or another mobile credit card reader that works with my smartphone or tablet? You’re covered if Square is your device of choice. Order their chip-compatible reader and they’ll cover your liability until the new reader arrives. Just this week PayPal rolled out PayPal Here, a new reader that can handle chip cards as well as magnetic stripe and touchless payment from apps like ApplePay.

But do I really need to change my reader? Yes. The United States is number one in credit card fraud and most major credit card companies are on board with this shift in liability. Why put yourself at risk?

By Prasana William

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