Friday Forum - Choosing a Merchant Processing Firm

Choosing a Merchant Processing firm for your business can be a challenging chore that can lead to costly mistakes. The World of Credit Card Processing will experience a HUGE shift effective, OCT 1 2015. EMV Technology will effectively shape the future for all credit card processing services. Additionally we will learn about; ApplePAY, EMV* Technology and how to determine if your business is receiving the BEST "Rate" & the importance of Customer Service.

*Introduction to EMV
October 1, 2015 will mark the largest shift in the payment processing industry since the introduction of the credit card. Through federal mandate, every company that processes a credit card will accept full fraud liability if they are not compliant with this new federal mandate. This milestone is called EMV. This stands for EuroPay, MasterCard, and Visa. 
What is EMV?
EMV is an open-standard set of specifications for smart card payments and acceptance devices. The EMV specifications were developed to define a set of requirements to ensure interoperability between chip-based payment cards and terminals. EMV chip cards contain embedded microprocessors that provide strong transaction security features and other application capabilities not possible with traditional magnetic stripe cards.
This liability shift means that those issuers and merchants using non-EMV compliant devices that choose to accept transactions made with EMV-compliant cards will assume 100% of the liability for any and all transactions that are found to be fraudulent. MasterCard defines the liability shift this way: The party, either the issuer or merchant, who does not support EMV will be liable for these fraudulent transactions. 
 
WATCH : MiCamp's Latest Videos on EMV
 

Preparing your business to be EMV Compliant/Free EMV Assessment: