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So say, for example, a fraudster buys worth of hot sauce from a restaurant with a counterfeit EMV chip card.
If the restaurant doesn’t have a chip card reader to process the transaction, it could be on the hook for the .
And as of October 2015, businesses that don’t have an EMV processing device could be on the hook for fraudulent chip card transactions.
This is important since the United States has a pretty serious issue with credit card fraud. For starters, you’ll need a new processing device to read the information in the chip cards.
It’s up to each individual seller to decide whether or not to upgrade.
What has changed is the way that the banks and the processing networks handle fraudulent charges.
The card has to be inserted into the reader for the entirety of the transaction — which can take several seconds.
In this guide we’ll explain what EMV is, how credit card chips work, the liability shift and what it means for your business, and how you can protect yourself and accept chip cards and NFC payments. But the vast (vast) majority of credit cards that have chips are EMV-compliant.
But even though the EMV liability shift is not officially a law, it’s a good idea to protect yourself by ordering an EMV reader (like the Square contactless and chip reader) soon so you can accept the most secure forms of payment.
If you’ve paid with a chip card, you know firsthand that they take significantly longer to process than magstripe cards.
As you might imagine, EMV is a pretty hot topic right now. And because any EMV card discussion usually mentions “fraud” and “liability,” it’s natural that it could put small business owners on edge. The Square contactless and chip reader accepts EMV and NFC payments like Apple Pay, protects you from the liability shift, and is just .
(This is something called the “liability shift,” which we’ll go into below).