Learn how EMV chip card payment technology will affect your small business

EMV chip payment technologyThe SBA has resources to help small businesses with a payment technology revolution that’s coming soon – EMV chip card payments. Here’s what they say about it:

For merchants and financial institutions, the switch to EMV means adding new in-store technology and internal processing systems. To get chip-enabled for your business, contact your acquirer or payment services provider.

The switch to EMV also means a change in liability for credit card fraud. Today, if an in-store transaction is conducted using a counterfeit, stolen or otherwise compromised card, consumer losses from that transaction generally fall back on the payment processor or issuing bank, depending on the card’s terms and conditions.

Beginning on October 1, 2015, a deadline set major U.S. credit card issuers including MasterCard, Visa, Discover and American Express, the liability for card-present fraud will shift to whichever party is the least EMV-compliant in certain fraudulent transactions.

Download the SBA presentation about the new technology or watch the video:

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