Credit Card Terminal - Credit Card Processing with the Chip Card Reader
Denver, CO, May 14, 2015 (Newswire.com) - With Visa going on a road show tour to explain the importance of the new EMV chip card processing technology and what it means to merchants, merchants should pay attention.
Starting October 2015 of this year, if a merchant does not change their credit card processing terminal to an EMV Chip card compliant terminal, they will be liable for all fraudulent transactions. The liability for fraudulent transactions will transfer from the merchant acquirer to the merchant starting in October of 2015. Learn more at http://www.credit-card-processing.com
"If you plan to win, you need a plan"
Jim Johnston, President
For instance, a customer comes to his location and swipes his card for 20 cases of wine. His profit for this order is $5000. He is extremely pleased and happy with this order and already has thoughts of how he will use this profit to add to his inventory. One hundred and eighty days later he is notified by his processor that the transaction is fraudulent. He states his case to the processor that he swiped the card through his terminal and that the transaction was very safe. The processor asks if he upgraded his terminal to the Chip card terminal. He says no. He just lost $20,000.
Learn more at http://www.credit-card-processing.com
Another area where fraudsters love to use fraudulent cards is where pre-paid Visa and MasterCard are issued. The customer comes into the store and buys $1000 dollars of pre-paid cards with a fraudulent card. The pre-paid credit cards have no name on them and can be spent anywhere. The fraudster spends the pre-paid cards on anything he/she wants. The store where he bought the cards is notified one hundred and eight five days later that the transaction was fraudulent. The store owner said the transaction was safe because he swiped the card. The processor asks if he/she upgraded this terminal to the new EMV Chip Card Reader. The merchant states no. The merchant has lost $1000 dollars worth of merchandise.
Small business owners can be wiped out and close their business because of these transactions. Small business owners typically conduct there business with small profit margins. They also pay taxes and pay their employees. What a tragedy it would be if they had to close their business. For a small investment to upgrade their terminal to the EMV Chip card reader, they would be safe.
Europe and other Asian countries already use EMV Chip card readers at their establishments. The fraud rates are close to zero.
Upgrade your terminal today. There is no cost to you with our company to upgrade. The terminal is free.
http://www.credit-card-processing.com
For Media Inquires Contact:
Jim Johnston
Call 1-888-895-3129