
Buffalo, NY — Credit card transactions are changing. As of October 1st, businesses without a Europay, MasterCard and Visa (EMV) processing device, or chip card payment processing, could face an unexpected financial burden. Better Business Bureau of Upstate New York urges all businesses that accept credit cards as a form of payment to act quickly if haven't done so already.
Next week, American Express, Discover, MasterCard and Visa will no longer accept liability for fraudulent credit card charges. Instead, that responsibility will fall with either banks or businesses — whichever party is the least compliant. Many big retailers switched credit card terminals to reduce the risk of fraud. Many credit card companies and banks have been issuing the chip credit cards for the past several months. BBB and experts confirm that many small and independent businesses remain exposed, which could result in thousands of dollars in penalties. A recent survey conducted by Wells Fargo and Gallup found that 49 percent of small business owners in the U.S were unaware of the pending liability shift.