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Business Owners: Is Your Business Ready for the Switch from Magnetic Stripe to Chip Cards (EMV)?

On October 1st, the liability for certain types of fraudulent transactions shifts from banks to businesses that do not have the technology to process EVM/chip cards. What is an EMV chip card? EMV is a microchip technology which stands for Europay, MasterCard and Visa, and is a safer form of payment for buyers and sellers alike, safeguarding against fraud and counterfeit.

Major credit card companies are migrating from magnetic stripe credit and debit to cards with EMV chips. The October 1st shift means that if a customer pays a business using a fraudulent EMV chip card and that business only processes cards with the magnetic stripe, then the business could be liable for the fraudulent charge. Businesses must upgrade to EMV-compatible terminals to be able to accept cards with EMV chips from customers. 

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Clocktower spring blooms 🌸✨ 📸: @mkvisuals_ig
3 days ago