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Did You Know? - Changes Are Coming to Your Credit Card Terminal October 1, 2015 - PPA Today

Did You Know? - Changes Are Coming to Your Credit Card Terminal October 1, 2015

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By Sarah Ackerman

Starting October 1, 2015 there will be major changes coming to your credit card terminal. In order to cut down on the amount of credit card fraud happening around the globe, major credit card companies are moving to a chip that will make transactions more secure than ever. This new chip, the EMV (that's short for EuroPay, MasterCard, and Visa) chip will move the liability from the issuing institution (the credit card companies) to the merchants (you, as a business owner) for counterfeit fraud losses when chip cards are used. Here's what this means in simpler terms: if a client experiences credit card fraud and your terminal isn't up to snuff (meaning it doesn't process transaction with cards with a chip), you will be held financially responsible for the fraudulent charge. Yikes!

But you avoid being stuck in a pickle by simply upgrading your terminal. The processing machine you use to swipe your clients' credit cards. All new terminals should be able to accept EMV chip enabled cards. In the rare case fraud occurs in this situation, you'll be covered! If you're still using old swipe methods however, you'll be held liable. So with the total of credit card fraud in the U.S. topping $8.6 billion, that could impact your business in a big way. Be More Protected!

We know this is a lot of information, so Kristen Hartman, PPA's Member Value & Experience Director, conducted a webinar with Bank of America Merchant Services to walk you through all of the changes that will be coming your way. This webinar will address not only the EMV chip, the new law requiring terminal changes across the country, but it will also give you some background information on Interchange rates, what they are, and how they affect the processing costs passed on to you. Don't miss it, it's useful information!

After you watch this webinar, consider contacting your current credit card processor companies in order to explore your options to be properly equipped and protected. 

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Sarah Ackerman is known around PPA as #Sarah in part because she handles all things social media and in order to differentiate herself from the other Sarahs in the office. Sarah loves improv comedy (think "Whose Line") and routinely performs around Atlanta. When she's not tweeting/facebooking/instagramming all of the action at PPA, she can be found gallivanting around the world or wandering around the woods with her pup, but more than likely she's on stage making people giggle.

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This page contains a single entry by Professional Photographers of America (PPA) published on September 30, 2015 6:30 PM.

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