For multiple months there has been many business owners updating their credit card transaction process so it will accept the new and improved credit cards using the EMV- chip. How these new credit cards are being created is with a computer chip placed inside the EMV credit card itself rather than having the old magnetic strip run along the outside. The computer chip will actually be what houses all personal and account information which is much more secure in comparison to the magnetic strip.
The issue taking place at this time is with business owners who have been using credit card readers. The current credit card readers are only good for magnetic strip credit cards and will not work on the EMV credit cards that are now being used. So business owners can do one of two things 1) move forward with a change to current EMV credit card reader or 2) upgrade their hardware and software to meet requirements of financial institutions to ensure the protection when reading the EMV credit cards for each and every transaction.
Business owners do have their work planned out for them with the matter of EMV credit card capability as this financial matter must be secured for all persons involved; it is a matter of safety and urgency to complete this issue as quickly as possible. Business owners are doing the best they can to complete the task for having the correct EMV point-of-sale terminals as quickly as possible. However, some business owners did clearly say they may not be able to obtain the EMV point-of-sale terminals until after the October mark safely. But at least every business owner is doing the best they can to stay abreast with the EMV credit card changes and do their part by having the correct terminals on site.
If you are in need of new equipment or assistance with the EMV shift please contact Sunlit Merchant Services today for the best pricing and customer service in the merchant processing industry.