Dye Sublimation Business - Do You Know What EMV Is?
It means everyone is going to be getting new credit cards.
It also means we have to get new credit card processing equipment. It’s hard to tell what that is really going to cost us as retailers but you can bet the days of free equipment are g-o-n-e.
Card processors are working now to develop the new equipment which uses what is known as “dip and stick” technology. Unlike the way we swipe a card now, the new system requires the card to be inserted and kept in the machine throughout the entire transaction.
No real word yet about how we will handle phone orders or Internet orders but here is one bit of news we all need to remember: Fraudulent purchases that are made on your equipment will be your responsibility! The banks currently absorb those fraudulent purchases but that is going to change. If you accept a card that doesn’t have the chip or you fail to use one of the new readers and you get a fraudulent purchase, YOU have to absorb it!
So, something to look forward to. There will be more in print as time passes and banks and their credit card allies decide just how all this is going to work. For now, keep an eye open for even more people pestering you about changing credit card processors than do that now.
I’ll bet those people who sell high ticket card processors are drooling at the mouth in anticipation!