Businesses not using the new technology are at risk for fraud, the exact reason chip technology was adopted in the US. If a business takes a fraudulent credit card today, the business will be liable for the entire fraudulent purchase, not the issuing bank. This could cost some businesses thousands of dollars for not following a simple procedure.
Chip technology across the rest of the world started more than 22 years ago. The United States is the last modern country to adopt the technology. Surprisingly, Wal-Mart was the first major US retailer to adopt the technology over a decade ago.
Elvin says, “Some merchants have experienced longer transaction times with the new technology, and,” she states, “it becomes a problem for some businesses when their customers do not want to wait.” But ultimately, business will have to change. The cost of not using the new chip technology will cost your business even more, when your bank dictates that your business will not be able to dispute fraudulent charges until you install chip readers.
There is a growing sentiment now that chip readers may be obsolete technology before they fully become implemented in the US. The advent of people paying with their phones and using Samsung pay, is gaining wide acceptance across the country.
For more information on chip compliant processing equipment, contact Direct Processors go to their website at www.directprocessors.com
Company Name: Direct Processors
Contact Person: Danna Powers
Phone: (844) 838-3086
Country: United States