Businesses that have resisted upgrading their equipment that does not accept Chip Cards, Card Tap and Digital Wallets, must upgrade by the end of the year. This is to comply with the new PCI Compliance Standard 5.0.
Also, businesses that are using terminals that do not have the ability to accept chip cards, card tap and digital wallets (Apple pay, Google Wallet, etc.) could lead to security issues and the possibility of losing Chargeback disputes. Visa and MasterCard already have policies in place that if a card is just magnetically read and a chargeback is initiated, that chargeback will go through uncontested. It is their way of forcing merchants to update their equipment.
Do not risk having your business exposed to fraud or unwarranted chargebacks. Upgrade your equipment as soon as possible to be in compliance with the new card acceptance standards as well as the newest PCI Compliance standard. Call your processor and see what updated equipment is best for your business.
Leave a Reply