October is coming. Guess what happens then. NO not Halloween but when businesses who accept credit cards via swiping them must have upgraded their credit card processing devices to the new credit card standards.
To combat fraud banks are mandating that your business accept credit cards with a “chip” – known as EMV.
If you’re not ready, you’ll be 100% responsible for credit card fraud.
You can read a lot about EM compliance on ShopKeep’s blog here.
The NY Times writes that some businesses are just not going to upgrade, not a good decision:
Many small businesses aren’t switching, mainly because they don’t know about the shift or don’t see any payoff from the new systems, which are slightly slower. Nearly two-thirds of companies with 500 or fewer employees say they aren’t ready for the October switch versus 44% of larger merchants, with more than 1,000 employees, according to a survey of 579 businesses to be released later this month by the Ponemon Institute, a research firm.