The standard credit card is going to make a big change in 2015, and while changes aren’t due until mid-October, we want to prepare you NOW! In a nutshell, your credit card is going to get higher tech this year in order to keep your payment information secure. Let me explain.
On the back of your current credit card you’ll see a magnetic strip. When scanned, the strip transfers your payment information to the vendor so a transaction can take place. The system works well in most cases, but there are still weaknesses. Every day in America, credit card users become victims of fraud as their credit card information is stolen unexpectedly.
On October 16, 2015, the system will change. That is the date by which credit card companies are required to comply with a new law requiring EMV technology in place of the magnetic strip. EMV is a leading technology already used in many parts of the world, designed specifically to combat fraud. That makes it a positive change, but one you’ll have to prepare for as a small business owner, as you have to work with new credit card equipment and train both employees and even customers how to use it.
Although there will be challenges associated with this transition, Ramon Ray is sharing tips on how you can prepare for the change to EMV credit card technology NOW. For four things your small business can do to ensure EMV compliance, visit this MasterCard blog post.