Is Your Small Business Prepared for Credit Card Changes in 2015?
In 2015, the credit card game is going to change. In the United States, we will see the long-awaited adoption of “chip and PIN” credit cards. With this new change, businesses will need to understand the technology behind the switch to better assist their customers. This includes integrating new software as well as purchasing credit card terminals that can accept the new credit cards. Although it may seem like a lot of changes, retailers and businesses that stay up-to-date on the latest technology will be better able to serve their customers. Better customer service means more return customers and a better ROI. From small businesses to large enterprises, it is important for your business to be ready to address these new credit card changes.
What is a chip and PIN card?
A chip and PIN card is different from regular credit card in that a client’s personal information will now be held safe in a microchip rather than contained in the card’s magnetic strip. This new card encodes customer’s information and makes it even harder for thieves to steal valuable information and/or commit fraud. This means that consumers can rest easy knowing that their card information is kept safer than ever before.
Know the Deadline
Merchants must make the switch to upgraded credit card terminals that are chip and PIN compliant by October 1st. Any business experiencing credit card fraud that has not upgraded to the newer software after that point in time could be heal responsible and will be forced to pay the fraudulent charges made on the card.
Making the Switch
While it may seem somewhat difficult to switch your software, you’ll be grateful that you did so. Make sure that you take these three points into consideration when looking to upgrade your equipment.
- Research. Find out what you can about upgrading your current terminals. Each industry has its own unique set of challenges; make sure that you understand what different options are available to you.
- Incentives. Credit card companies are offering incentives to make the switch. American Express is extending $100 towards terminal upgrades (for merchants that make less than $3 million in payment volume)
- Do it now. Don’t wait until the last minute to make sure that your equipment and software is up-to-date. With so many steps in the process, the switch could take longer than anticipated, and you might have to deal with paying fines.
By making the big switch, your business will have access to more advanced security measures and, in the end, will be subject to less credit card fraud.
If you have any questions about making the big switch, contact the professionals at Vision Payment Solutions.