EMV Machines Required for Businesses by October 1st
EMV stands for Europay, MasterCard and Visa and is commonly used to refer to security chip-enabled payment cards. October 1st is the deadline for merchants to upgrade their equipment to accept EMV cards at the point of sale. After this date, businesses – rather than issuing banks – will be liable for any fraudulent activity or returned payments.
Recent surveys found many small businesses were not only unprepared for but also unaware of the required new technology. So, what do you need to do to get ready for the deadline? If you cannot currently process EMV cards, contact your merchant card processing company to upgrade to an EMV machine by October 1. If you have multiple locations, make sure you plan ahead and allow time to transition the technology across your company before the deadline.
Although Bank SNB doesn’t manage the in-house processing of credit card payments, we partner with a preferred merchant services vendor to enable your business to accept credit card and debit card payments. Our vendor will supply customers with EMV machines in preparation of the deadline, and the Bank SNB team is always working to keep you informed so your business can continue to be profitable.
If you’d like a competitive quote on changing your merchant card processing partner to Bank SNB’s preferred vendor, email DebbiePrior@banksnb.com.
This edition of Market Momentum was written by Bank SNB Director of Treasury Management Debbie Prior.