A change at checkout, involving a major shift in liability, is officially in effect. As of Oct. 1, the credit card industry now expects merchants to be ready to accept chip-based credit and debit cards. Retailers who haven’t upgraded to chip processors can still accept both the new chip cards, which also come with a magnetic stripe, and traditional magnetic stripe cards and will be able to do so for the foreseeable future. But, they face increased fraud liability if they don’t have a chip card reader and a chip card turns out to be counterfeit. To better understand the liability change, see the graphic below. You can read more on the EMV payment system, by clicking here.

Be sure to keep CHECKredi in mind as you explore options to upgrade your terminals. CHECKredi is the only Alabama-Retail-endorsed merchant services provider.  The Huntsville-based company offers great pricing, excellent customer service and requires no contract.  Get a free month-to-month comparison today!