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Small Businesses Required to Adopt EMV Chip Card Technology

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emv-black-credit-cardAs small business owners we have to be extra vigilant to protect ourselves.  If you’re accepting credit card payments, please make sure to update your systems immediately.

The responsibility of EMV chip card technology updating is now on the shoulders of small business owners, and they could be the ones facing the consequences if their systems are not up to date.

Stanley Nakano, the Small Business Administration’s Acting Regional Administrator said:

“A major transition is happening in America and small business owners who fail to act may pay a huge price. U.S. credit card companies have set October for the national adoption of chip cards (also known as EMV Cards).  Businesses that have not integrated EMV technology to process chip cards will become financially responsible for fraudulent transactions previously covered by the cardholder’s issuing bank.”

Read the full article here.

If you haven’t taken action to update your systems for the new chip card technology, check out these popular posts:

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Ben Sutton

Ben Sutton

Ben Sutton is the founder of Mazuma USA, an accounting firm providing tax, bookkeeping and payroll services to small businesses. Since founding Mazuma, Ben has established himself as an expert in the small business world. He’s still driven by that same desire to provide accounting help to all small businesses – from photographers, bloggers and creatives to lawyers, doctors, and dentists, everyone needs affordable accounting help. Ben is a Certified Public Accountant, and a member of the American Institute of Certified Public Accountants. But Ben considers his greatest achievement and credential to be his happy wife and four children.

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