Chris Trout announce that the wrangling is over and the concrete deadline has been announced as October 1, 2015. And what is the deadline all about? Money, specifically the taking of credit cards and the price you will pay in order to do that. As of October 1st, 2015 you will be expected to have changed over to being able to accept and process the new EMV or chipped credit cards. If you are NOT ready then the credit card processors will charge you a higher price, percentage wise, to do so because they are less secure.
The United States is finally going to join the rest of the world by embracing this new system called EMV. EMV stands for “Europay, Mastercard and Visa”.
The story is a strange one because while the U.S. is late to the party now, we were the first country to fall in love with the Credit Card and lead the charge into their adoption. The problem is that they contain magnetic strips which are too easy to counterfeit. In fact there are even devices that can allow a person to walk by and read your card’s information.
With the new smart chip in credit cards there will be a need for new terminals at retail outlets. You will insert the card, not swipe it or tap the terminal. The terminal will sense the chip and make the purchase. This may bring back the debit transaction which is cheaper as it is a direct transfer of funds between accounts and therefore costs less.
All the big credit card companies, Visa, Mastercard, etc. made you wait for money while the transaction cleared. The problem is that you, can’t run a business like that, waiting for your money to come in while the goods or service are gone from your possession.
The new EVM chips use dynamic code that changes each time you use it. This is what increases security for all of us. If you own a store you will have to change your card reader. Chris has the new terminals for $200, not the $500 that the banks are charging. Remember don’t let the banks scare you, you have until October 1st, 2015 so check out all your options and give me a shot at lowering your credit card processing costs.
It is important to know that Visa and Mastercard will not cover fraud charges with new system. The entire point of the EVM/chipped credit cards is to lessen the likelihood of fraud, to make things faster and more secure, more mobile with the tap terminals. Canada changed to EMV and cut their fraud by 60%.
Cutting Edge – Bank Card Services, Inc.
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Tustin, CA 92780
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Office (714) 258-7751
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Cutting Edge – Bank Services