Are you missing valuable credit information on those you deal with?
Find out what information is available. Just complete the form below and we will contact you.
Refer Potential Members
Why should I submit potential members to NACM?
Are you tired of dealing with
credit reference requests?
Direct the requesting company info to NACM. As a member they will have access to our reports. You will get fewer credit reference requests and their information will be added to your NACM reports.
Connect With Us
Sep 01 2015 Credit Card Liability Shift |
|
You may have heard there's a change coming to the way many businesses accept card payments. The U.S. is in the process of transitioning away from the magnetic stripe cards we're all familiar with, and moving toward installing small microchips into the cards - also known as chip-and-sign. If you've already upgraded your terminals or Point of Sale System to accept these new cards, which are inserted into a slot and not swiped, then you're ahead of the game. If not or if you've never heard about this switch, then you're not alone - but time is winding down.
Come October 1, 2015, liability for fraudulent transactions will shift to whichever party - the card issuer or the merchant - hasn't made the switch to EMV. So if your company isn't accepting EMV payments, your organization will be responsible for the fallout from any fraudulent transactions processed there. The liability shift applies to face-to-face payments and not Card Not Present payments.
One way to be prepared is to talk to a payments provider about your questions and to discuss your options. Vantiv is an excellent resource to learn more about the liability shift and payment processing solutions tailored to the needs of NACM Members. Vantiv and United TranzActions have been the NACM Affiliates' endorsed payment processing providers for over 16 years. Contact Matt Fluegge at Vantiv (matt.fluegge@vantiv.com or 608-834-2539) for answers to your EMV questions or for help moving to EMV and chip-enabled payments.
|