On October 1, 2015, US commerce will undergo a considerable change—a variety of big credit card companies, financial groups, and issuers will require that merchants upgrade their point-of-sale (POS) terminals to accept chip-based cards as well as (and eventually, instead of) magnetic stripe cards. You may have already received chip-based replacements for your magnetic stripe cards in the mail.
The plan to transition to the new payment standard—called EMV for EuroPay, MasterCard, and Visa, (the developers of the standard)—was agreed upon in 2012, but a MasterCard press release circulated today cited a survey that said that 28 percent of small and medium business owners still aren't aware of the new payment standard. That's particularly troubling, because in the event of magnetic stripe card fraud at a store's POS, the store will be liable for that faulty transaction if they don't have up-to-date hardware that can accept chip cards. (Online transactions, commonly called "card-not-present transactions," are not part of the EMV transition and are treated separately.)
Today, payments processing company Square, founded by Twitter co-founder Jack Dorsey, said it wants to try to speed that adoption rate up in the next month or two, and hopefully convert some businesses to Square's platform.
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