You’re Liable for Fraud

The liability shift is coming.

The EMV liability shift we mean. As you probably already know, banks are currently held accountable for card fraud – but the tables are quickly changing.

Never Heard of EMV? Allow Us to Explain.

EMV refers to a form of technology that is becoming the global standard for credit and debit cards, where card payments are processed through a microprocessor chip.

Banks are changing up the way our credit cards work. Coming October 1, 2015, EMV technology will be integrated into all credit cards. You’ve probably noticed these small chips as banks have already started to implement the change.

So why are banks making the change to the chip? The short answer is that microprocessor chips make cards extremely resistant to fraud. The United States is responsible for almost half of the world’s credit card fraud, and moving away from magnetic stripes makes counterfeit more difficult.

How does this affect you? When October 1, rolls around, and your customer swipes their debit or credit card using the magstripe on the back of a card that has a chip, the responsibility of fraud will lie in your hands as the business owner – yikes.

That’s a big responsibility to be held accountable for. So how can you make sure that you shift the responsibility from your business back to the bank? Thankfully if you use Square as your payment gateway, you can avoid the liability shift.

How Square can Cover Chip Cards by Dipping

When the change is in full effect, you won’t have to worry about cards that don’t have chips. Swipe the card and you will not be held accountable for any fraudulent charges that may occur.

For cards that do have EMV chips, the liability shift will apply to you! To ensure that you switch the responsibility from yourself back to the bank you’ll need to dip the card with Square’s newest chip reader.

Accepting chip cards is easy with Square; just insert the card into the reader to accept a payment. The chip reader also accepts Apple Pay or Google Wallet. The chip reader is compatible with iPhones, iPads, and Android devices. Not only will Square help you avoid the liability shift, but you’ll have a fast, safe and secure way to take payments from anywhere without any long-term contracts or reterminalization fees.


A couple other reasons to consider the Square chip reader (besides the obvious one)

  • Signing up for your EMV card reader only takes 2 minutes.
  • Using chip cards will make your sales more secure.
  • By the end of the year, 70 per cent of credit and debit cards will have a chip reader.

Pre-Order Your Square Chip Reader

Square wants to make the shift to EMV as painless as possible. If you’re currently a Square user you can reserve your reader today. If you’re not a Square user, no problem, sign up is easy and the integration with Jobber is seamless.

How do you feel about the liability shift? Let us know in the comments below.

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