EMV 101: What Small Businesses Need to Know About the Switch to Chip Card Technology
DID YOU KNOW? Beginning on October 1, 2015, if your small business is not EMV-compliant in certain fraudulent transactions - you as a merchant could be liable. U.S. credit card companies are making the transition from magnetic stripe technology to cards with chips. Chip cards are payment cards that have an embedded chip, offering increased security when your customers use the chip to pay in store. Chip cards are based on a global card payment standard called EMV, which stands for Europay, MasterCard and Visa, currently used in more than 80 countries around the world. The United States is now in the process of making the migration to EMV technology The SBA is committed to making sure small business owners understand what this transition means for you, your business, and your customers through webinars, online resources, and in-person events.
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