We’ve been talking a lot about EMV lately, and I’m sure you have been hearing about it and may have even received a new chip card. But, what exactly is a chip card and what does this new technology mean for businesses?
Essentially, EMV is a global industry standard: credit and debit cards are embedded with a chip to make payments more secure.
Along with the integration of this technology in the U.S. comes a liability shift on October 1st. This date marks when the entity – be it merchant or bank – with the least secure technology will be held responsible for fraud. If fraud results from a magnetic stripe card being used in a chip terminal, the bank is responsible. And vice versa if a chip card is used in a terminal that hasn’t been upgraded.
Bottom line: consumers are never held responsible for card fraud.
Local small business owners often find themselves being their own CTO (and CEO and CFO, we know, we know). So we traveled to the corners of the U.S. to show how easy it can be to install, educate and implement chip technology.
Take a look at our three makeover videos (more to come!) and learn more about how MasterCard is supporting small businesses in the U.S. with technology upgrades.