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September 2015 CPAdvantage Newsletter: Your business could be liable for fraud!

10
Sep 2015

At Advantage, we are always looking for ways to ensure our clients’ business interests are protected. With this in mind, I wanted to take the time to address an important impending deadline. When it comes to credit card processing, many small business owners are still unaware of the October 1, 2015 Liability Shift—but they should be, because it could cost them. After October 1st, banks are no longer accepting liability for fraudulent chip card payments made on a card reader not equipped to process EMV transactions.

Our partner, Matchpoint Payment Solutions specializes in processing solutions that are low-cost, tech-forward and EMV compatible. As I speak with our clients who accept credit cards, one of the reoccurring complaints I hear is the frustration over confusing merchant services statements and credit card processing fees. Now, whether your clients accept credit cards online, over the phone or in a storefront—or if they haven’t started accepting them at all—Matchpoint Payment Solutions can help.

Credit card fraud is everywhere in this plastic economy. Don’t let your clients get left footing the bill for someone else’s scheme. Visit our page on EMV and the Liability Shift today or if you prefer, call us at 1-800-440-9033 x31 to learn more about how to protect your clients’ business.

Q & A

What are EMV cards?

EMV (Europay, Mastercard, Visa) enabled credit cards contain a small computer chip that makes them much harder to counterfeit. They will still have a magnetic stripe as well, but are intended to be “dipped” rather than “swiped.” Internationally, a large majority of fraud occurs in the United States, largely because we still use the magnetic stripe technology that is much easier to fake. The “dip” means the card stays within the reader for the whole transaction, while the chip and computer “talk” to one another, a more secure transaction. That is why banks in the U.S. have begun the changeover process, to make data breaches like those at Target and other companies harder to pull off.

What’s the importance of the upcoming Liability Shift?

Beginning in October of this year, a Liability Shift will take place. Pre-shift, if a fraudulent credit card transaction was made, the banks would be liable for the money involved in that purchase. Starting in October, if the fraudulent purchase was made with an EMV-enabled card, but the business did not have an EMV-enabled credit card terminal, the business assumes liability.

How will this affect my business?

If you don’t have an EMV-enabled card reader, your business could be held liable for any fraudulent transaction made using an EMV-enabled card. It could leave you on the hook for thousands of dollars. But our partner, Matchpoint Payment Solutions (MPS) has a variety of EMV-enabled solutions to fit your business’ unique needs.

How can Matchpoint help my business stay protected?

Matchpoint has a variety of EMV-enabled terminals and solutions to fit the unique demands of your company. For traditional EMV-enabled terminals we offer secure Verifone products. For retail and restaurant establishments we have Talech, which has a point of sale (POS) system which can be used to manage inventory, print and scan barcodes, and print order tickets to multiple printers. For installment and recurring billing we have Converge, a cloud-based system that can make payments simple, wherever your business takes you. Want to learn more? Visit this page or call us today at (800)-440-9033 x31

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