Business owners need to update their current point-of-sale terminal (POS) and software in order to accept the new EMV credit cards by Oct. 1 or risk being held liable for fraud.
EMV, which stands for Europay Mastercard Visa, cards are “smart.” The card owner’s information is stored on the card in a computer chip rather than in a magnetic strip. The new cards come in two types, neither of which is swiped like a traditional credit card, called contact and contactless. Contact cards are inserted into a reader while contactless cards can transmit information through the air over short distances.
Swipe POS systems are still allowed after Oct. 1, but business owners with the old system that process EMV cards will be held liable for fraudulent transactions.
The National Wood Flooring Association’s partner BizUnite is promoting a consultation for wood flooring business owners who want to check if their POS system already meets the new requirements.
To speak with a consultant from Ignite Payments, fill out this form.
