The majority of small businesses we ask are totally unaware about the EMV technology upgrade and fraud liability shift that is coming within the next 90 days...
Orange County, CA (PRWEB) June 29, 2015
The United States has fallen behind the rest of the world when it comes to securing customer payment data, that all stops this October. Starting October 1, 2015 the global security standard to transact payments, EMV is being implemented. EMV, named for the three companies that created it, Europay, MasterCard and Visa. EMV is a tiny chip embedded in payment cards that is virtually impossible to counterfeit.
Before long the new “chip” or “EMV” cards, with smart technology, will improve data security and fade-out the old magnetic stripe standard. The “chip” means that the small microchip embedded in the new cards will maintain the cardholder’s information is secure. The chip can’t be counterfeited by criminals like magnetic stripe cards can, as it makes a one-time code for every individual transaction.
What Makes EMV More Secure?
The current magnetic stripe payment cards in circulation can be easily counterfeited by scammers and hackers if they get the cardholder data. Now if that same data was stolen but the card data was for EMV chip cards and not the mag stripe cards then that data would be rendered useless. This security enhancement is a great asset to small businesses as the payment data will be more secure. However businesses need to update the POS machines to take advantage of the EMV security features.
“EMV is a major milestone for merchants in the US for safeguarding their client data but if a merchant does not upgrade their POS system to meet these new requirements then they become 100% liable for fraudulent transactions and customer data breaches” stated by Matthew Loughran, Senior Vice President of Batched.com. “The majority of small businesses we ask are totally unaware about the EMV technology upgrade and fraud liability shift that is coming within the next 90 days, where the liability of fraudulent charges will shift from the banks and card brand companies to the merchant” added Loughran.
To aid in the implementation of EMV technology Batched.com is providing free EMV upgraded POS machines for US merchants while supplies last. For more information about EMV and the deadline click here.
Batched.com was founded to assist small business owners in finding the right merchant service plan for their specific business vertical at the most competitive price on the market. Batched remains diligent in their goal to deconstruct and make transparent the process of acquiring merchant services for small business owners around the globe. To obtain more information please contact Batched at 877- 477-7115 or http://www.Batched.com