What Your Small Business Needs to Know about EMV
The switch to EMV (Europay, MasterCard, and Visa) is underway in the United States. To be compliant with these new rules merchants must now have an EMV credit card terminal that has contact chip capabilities in order to read the new cards. The new technology is beneficial to businesses as long as they have the proper equipment. There will be increased fraud security as well as a lower potential for chargebacks. Businesses that process larger transactions should talk to their merchant account providers since these transactions are more likely to be fraudulent.