PSA: Microchip Upgrade Impacts Businesses

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In-store purchases are about to get safer for customers – and this means changes for local businesses. As banks migrate away from the magnetic stripes on the back of credit and debit cards, businesses will be required

to shift to devices capable of processing payments from cards embedded with more secure mircochip technology (EMV).

Starting Thursday, October 1st, businesses that have not upgraded their payment technology to process EMV cards will be liable for certain fraudulent transactions. Businesses that want to prevent being saddled with the bill from a fraudulent purchase should contact their payment processors to discuss becoming EMV-capable.

For more information, check out the Small Business Association’s resource page.

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