President Obama has recently set some new rules in motion for small businesses. Small businesses must now comply with EMV requirements to avoid having to pay fines. EMV technology consists of credit cards that have microchip technology inside of them. EMV is an acronym that stands for Europay, MasterCard and Visa. The microchip technology prevents fraud from occurring. The microchip carries crucial identifying data about the cardholder, and it stores such data on its circuits instead of storing it on a magnetic stripe material.
EMV chip technology has many benefits for businesses. First, it saves time and money for business owners. Secondly, the technology cuts down on instances of fraud since EMV cards cannot be duplicated. Thirdly, the technology provides a higher overall level of security than other products provide.
Obama’s EMV Credit Card Processing Requirements
President Obama signed an order that would force adoption of the use of EMV credit card processing technology in the United States. The United States had been taking its time adopting the technology and had been using the old-fashioned credit cards with the magnetic stripes. With the new order, businesses in the U.S. will have to start using the technology as of October of 2015.
How to Get Prepared for EMV Technology
The president’s order would require businesses to transition to EMV technology as quickly as possible. Business owners would not have to purchase new card terminals right away. The EMV chips have magnetic stripes on the back of them for businesses that do not yet have new terminals. However, all businesses will need to accept smart cards as of October of 2015. Merchants can upgrade their equipment before the changes go into effect in October of 2015. Chosen Payments is offering merchants special incentives if they choose to incorporate the new systems into their daily business efforts.
Chosen Payments is a credit card processor that helps merchants to grow into the new way of interacting with customers. The company is the most trusted credit card processing company in existence today. Chosen Payments offers an extensive line of new and improved credit card terminals that will allow businesses to transition into the new system easily. The company offers some of the world’s best-selling equipment such as the Ingenico i5100 and CloverTM Station. interested business owners can contact Chosen Payments at firstname.lastname@example.org to discuss options for making the business EMV compliant. The step toward compliance will increase business productivity, as well.