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Here's what I'm used to doing: I walk into a typical coffee shop. I order coffee. I hand over my credit card. The person behind the counter swipes it. I decline the receipt. I'm out the door. It's fast and simple. You too? Well, that's all about to change for both of us. And for your clients, particular if they're retailers. And the person who runs the coffee shop? That's going to change for her too. And if she doesn't change, she could be faced with huge costs.
Starting soon (if not already), you and I will be receiving new credit cards with EMV chips embedded in them. And come this October, those EMV chips will make buying a coffee (or groceries, or a sandwich or anything else that's using a credit card) a completely different experience - for both the buyer and the seller. It has to do with fraud. Today, if credit card fraud occurs at a merchant, the credit card company usually covers it. But that's going to change this year.
On October 1, if a merchant doesn't accept a credit card with an EMV chip, and the transaction is fraudulent, then the merchant will be liable for the costs. So merchants need to act... now. They need to upgrade their point of sale systems. They need to get educated. They need...