A major shift in the handling of fraudulent or counterfeit credit/debit card transactions is coming.  Starting Oct. 1, liability for fraudulent transactions may fall to the merchant if the merchant doesn’t match or exceed the card issuers’ level of security.

To avoid liability, merchants need payment terminals that accept cards using Europay, MasterCard and Visa (EMV) chip technology.

If your business does not have readers that match or exceed the card technology, the loss from a fraudulent transaction could become your responsibility.

Banks aren’t requiring you to upgrade your terminals by Oct. 1, but failure to do so could expose you to chargebacks or other costs.

Retailers should evaluate upgrading terminals soon.

While you explore your options about upgrading your terminals, be sure to keep CHECKredi in mind.  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!

A more in-depth article complete with a larger version of the graphic above explaining how the liability shift for counterfeit cards works as well as one on lost/stolen cards is available here and at LEARN MORE below. The article first appeared in the 2015 First Edition of Alabama Retail Quarterly.

>> LEARN MORE

In the news:

September 8, 2015, WTVY News 4 in Dothan reports on upcoming changes to credit card processing liability.