On October 1, 2015, all retailers who accept credit cards have to install chip card technology on their point of sales systems. This technology will enable the merchant to authenticate transactions on credit cards and thereby help to reduce fraud when acceting credit cards at their place of business.
By installing this technology, the credit card processing machines and point of sales systems will be able to read the embedded computer chip on payment cards which contain important information to verify the customer and his/her transactions. This will help eliminate fraudulent transactions. Any business which does not install the technology could be subject to fraud.
Other countries have already instituted this program and have experienced a drop in consumer fraud involving payment cards such as credit cards. For more information about installing the technology, merchants should contact their credit card processing companies. American Express is offering a $100 refund for ugrading to this technology.
For more information on credit card processing, please request my newly revised book, “RetailersGuide to Mechant Services” on the contact form for this site.