Consumers May Have To Wait A Little Longer For The EMV Secure Credit Card Technology
The October 15th deadline to replace all credit and debit cards with the secure EMV chips may be pushed back.
The recent hacking of major retailers like Target and Neiman Marcus prompted the U.
S.
to mandate the technology already popular in Europe.
EMV is essentially a microchip embedded into the card that generates a unique code for every transaction making it more difficult for thieves to use fake cards with stolen data.
An independent consultant firm estimates that roughly half of the cards in the United States will not have the new technology by the October 15th deadline.
What does that mean for the card issuers and retailers? It means they will most likely be responsible for any fraudulent transactions that could have been prevented with the EMV chip technology.
The merchant services industry as a whole is already very complicated so adding another variable into it will give many small business owners headaches and more gray hair.
Globally debit and credit card theft is an 11 billion dollar problem every year and growing.
While a major hassle for retailers, ultimately they will all have to adjust and make the necessary changes and adapt to the EMV technology.
For business owners thaqt are not currently accepting debit and credit cards, now would probably be the time to make the transition.
Not having the capability could shut down many small businesses since they'll be held accountable for any fraudulent transactions.
Consumer groups say that fraud is still much more of an inconvenience than adapting to the new technology.
A survey done by an independent firm shows that more than 80% of small business owners are in favor of the new technology.
One business owner was quoted as saying "A couple of fraudulent charges or bad transactions could almost put us out of business especially if they're large transactions".
He went on to add "Our family has built and owned this business for over fifty years now.
Having to shut our doors because we didn't comply with the new EMV technology would be heart shattering".
While a lot of businesses will not make it by the October 15th 2015 deadline, you can most likely bet that in the end all businesses whether small, mid-sized or big businesses will make the change.
The EMV technology is the standard already in Europe and you can bet that soon it will be the same here in the States.
http://www.
mynewmerchantaccount.
com
The recent hacking of major retailers like Target and Neiman Marcus prompted the U.
S.
to mandate the technology already popular in Europe.
EMV is essentially a microchip embedded into the card that generates a unique code for every transaction making it more difficult for thieves to use fake cards with stolen data.
An independent consultant firm estimates that roughly half of the cards in the United States will not have the new technology by the October 15th deadline.
What does that mean for the card issuers and retailers? It means they will most likely be responsible for any fraudulent transactions that could have been prevented with the EMV chip technology.
The merchant services industry as a whole is already very complicated so adding another variable into it will give many small business owners headaches and more gray hair.
Globally debit and credit card theft is an 11 billion dollar problem every year and growing.
While a major hassle for retailers, ultimately they will all have to adjust and make the necessary changes and adapt to the EMV technology.
For business owners thaqt are not currently accepting debit and credit cards, now would probably be the time to make the transition.
Not having the capability could shut down many small businesses since they'll be held accountable for any fraudulent transactions.
Consumer groups say that fraud is still much more of an inconvenience than adapting to the new technology.
A survey done by an independent firm shows that more than 80% of small business owners are in favor of the new technology.
One business owner was quoted as saying "A couple of fraudulent charges or bad transactions could almost put us out of business especially if they're large transactions".
He went on to add "Our family has built and owned this business for over fifty years now.
Having to shut our doors because we didn't comply with the new EMV technology would be heart shattering".
While a lot of businesses will not make it by the October 15th 2015 deadline, you can most likely bet that in the end all businesses whether small, mid-sized or big businesses will make the change.
The EMV technology is the standard already in Europe and you can bet that soon it will be the same here in the States.
http://www.
mynewmerchantaccount.
com