A big legal burden awaits small businesses, and most aren’t aware of it
by
Rebecca Geller on Oct. 12, 2017
Summary: According to the Washington Post, 28% of small businesses aren’t aware that the deadline for phasing in chip-enabled credit cards kicks in on Oct. 1, 2015.
According to the Washington Post, 28% of small businesses aren’t aware that the deadline for phasing in chip-enabled credit cards kicks in on Oct. 1, 2015. Make sure that your business is not caught by surprise, and read this article for some helpful tips:
American consumers are beginning to receive in the mail new credit cards that add a security chip to the traditional magnetic strip that processes their payments. The hope is the new cards cut down on credit card fraud but many small businesses do not appear ready for the change.
A deadline for phasing in secure, chip-enabled payment cards across the country kicks in on Oct. 1. That’s when banks are supposed to finish distributing the new plastic to customers. Businesses will need to install new card readers to process the information on the chips. Those that do not have the new technology in place by then will be on the hook for any security lapses or fraudulent transactions, instead of payment-processing firms.
