Chip & Pin

Posted by Lisa on 04/20/2015

Chip & Pin - are you ready?

Our latest newsletter spells out the move that will quickly be upon retailers across the country. The industry projects 50-60% of credit cards could be chip-based by the end of the year. (request our newsletter for the full and complete article)

Although STORES reports that its not necessary for small business to be 100% ready to run chip-based cards on Oct 1, It is necessary to understand the new system, which will require new equipment and make retailers responsible for fraudulent transactions. "Under the new system, if a retailer accepts a chip card but doesnt have a chip reader, the bank will no longer bear responsibility for fraud if the card is counterfeit, shifting the burden to the retailer."