Small Business are You Ready for the Future of Credit Card Transactions?

NEWS & NOTES From the Better Business Bureau of Upstate New York 

Are you ready for the future of credit card transactions? 

Credit-Card

October 1st is an important date for any business that accepts credit cards for payment. On that day and going forward, any businesses without a Europay, MasterCard and Visa (EMV) processing device could be held liable for fraudulent credit card charges.

Banks and credit card companies started issuing the new chip cards to customers for the past few months. BBB and experts confirm that many small and independent businesses remain exposed, which could result in thousands of dollars in penalties. A recent survey conducted by Wells Fargo and Gallup found that 49 percent of small business owners in the U.S were unaware of the pending liability shift.

Why? 
When a chip card is used in a transaction, a code is generated to identify that specific transaction. Even if the card data and the one-time code are stolen, the card would be declined because the code was already used. Instead of swiping their card, people will now insert the card (chip first) in in a slot or tap it on a reader. The chip card technology is used worldwide and is considered to be another line of protection against credit card fraud and identity theft.

BBB offers help with Data Genesis

If you are looking for EMV device or point of sale (POS) solution, turn to BBB and Data Genesis, a BBB partner and expert in the field of cloud-based systems and POS technology. As a BBB Accredited Business, Data Genesis is offering your business a range of options and discounts for credit card processing devices and systems.
Basic EMV readers run from $25 to about $300. Experts say newer POS systems should be fine, but older systems may not work with the chip card technology. BBB advises every business to check with their credit card companies to ensure your system is working to best protect your business from fraudulent transactions.

If you have questions, give your BBB Accredited business team a call at (877) 478-8083.