Online Marketing Credit Card Jungle

It’s A Jungle Out There!

But rhinos like you love the jungle. The trill of hunting down opportunity is what keeps you going. One trait of savvy Rhino entrepreneurs is an acute awareness of changes that can impact their businesses.

By now, most of us have heard of, and maybe use new EMV ‘chipped’ credit cards. Here are some of the simple FAQ’s about this new technology and how it will impact business.

The FAQ’s About EMV ‘Chipped’ Cards.

What are EMV cards?

Europay, Mastercard, Visa is a global standard for credit cards equipped with computer chips to reduce the cost of fraud at POS terminals.

When do they go into effect?

After October 1, 2015. If a merchant accepts a chip card but does not use chip card equipped reader, the liability will shift from the card issuer to the merchant. Nationwide transition is expected to take a year to a year and a half.

Will magnetic swipe readers still work?

Yes. Cards with and without chip technology will initially have swipe options. Eventually chips will replace all magnetic swipes.

What do I need to do?

Contact your merchant card service and find out what is required. This might be a good time to shop for the best service that meets your business needs.

What about online and phone purchases (card not present purchases)?

These changes do not affect credit/debit card transactions done over the phone or Internet. But these businesses should be on the lookout for increased fraud due to eliminating much of the card-present transactions.

For more detailed information read the article found here: http://www.creditcards.com/credit-card-news/emv-faq-chip-cards-answers-1264.php