You’ve probably heard plenty about the EMV changes. If you haven’t been bombarded with calls about the recent liability shift, you’re the only one. But this one is important and should not be ignored. Here is what you need to know:
What is EMV? You’ve probably gotten new credit cards that have little chips in them. This is an extra security feature that requires retailers to use the chip, rather than swipe the card. It creates a one-time code for the transaction so card holders info is always safe.
What does this mean for me? As a retailer, the liability has shifted from the card company (Ex- AMEX) to you in the event that you do not use a chip reader. If someone comes in with a stolen card that has a chip and you don’t use a chip reader, you will be liable for those charges.
What do I need to do? Contact your credit card processor and make sure that you are ready for EMV. For Lightspeed users, you can contact Cayan and request Genius. Once you have this technology in place, you are safe (unless you don’t use it).
If you have any questions or need help, feel free to leave a comment or email us at support (at) thestreamline (dot) co.