Chip-Embedded Credit Cards — a New Landscape as of October 2015

Effective October 1, 2015, most large credit card issuing companies (Visa, MasterCard, American Express, and Discover) will change their policies to require merchants who accept in-store credit cards to either (1) upgrade their system to allow it to accept chip-enabled technology, or (2) take on risk associated with credit and debit card fraud.

The new policy is called “EMV,” or “Europay MasterCard Visa” and is the standard for the new chip-embedded debit and credit cards. The embedded chip allows the transactions to be processed via the chip, as opposed to swiping the magnetic strip on a card. What does this mean for my business?  Read more...