Beginning on Oct. 1, accepting credit card payments will be a risky prospect for any small business that doesn’t make the investment to upgrade its payment technology to EMV. With EMV (Europay, Mastercard, Visa) cards, the microchips make the authentication process for payment more secure.
But on October 1st, credit card companies and banks are changing their liability policy to make businesses responsible for any fraudulent payments made using a non-EMV system. In other words, if you accept a sponsorship payment of $1500, with what turns out to be a stolen credit card, the credit card company will not repay the business for the transaction. It’s also likely that insurance companies will raise rates on businesses that don’t use EMV systems
Square card reader details.
PayPal card reader details.
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