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.
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