It’s likely more than half of small businesses didn’t comply with the shift to EMV credit cards by the Oct. 1 deadline, according to a study reported in Convenience Store News.
EMV (Europay, MasterCard and Visa) is the term for new, more secure cards with a chip.
Retailers who didn’t upgrade their card readers by the deadline risk being responsible for fraudulent charges. Until now, merchants haven’t had to worry, because card issuers picked up the tab for fraud.
Another complication for some stores that have tried to upgrade is that their point-of-sale providers or credit card processors are still developing the software updates necessary for them to take the new cards.
Read more about the switch in the article here: Click Here