EMV Credit Card Chip-New Machine

I just got my machine last October, it has a "chip reader" slot that does work, but I was just told that I have to upgrade again for the "new" chip......

 

It is not a scam. If you are not using a chip enabled terminal by Oct 1st the liability shift will hold you responsible for some counterfeit cc fraud.I had to buy a new machine this month to comply.

 

I just got mine last week. My processor said that if i didnt upgrade, then i would be liable in case of fraud.

 

I guess that is one way of twisting someone's arm to make them buy a new terminal! Just curious, how does that work with phone orders and you don't have the card in hand?

 

enter it manually and use the zip code as if the card was scratched and could not read.

 

Yes it is the new DEAL now Gary , however do not go buy one from your current processor - buy on on EBAY for 1/2 the cost like 180.00 or so for
VeriFone Vx 520-Dual-Comm-EMV-Smart-Card - my processor wanted 550.00 for it ,,I paid 180.00 - call them up and have them activate it - that is FREE or do like MP -- PUT IN the NUMBERS MANUALLY ,, that work - but hey charge you higher rate for that..

 

Does anybody have a credit card processor that they like well enough to recommend?

 

It depends on the volume of work you take in. The Square was the best thing to come down the pike for me. Gave up the terminal years ago as I didn't have that many people using plastic at the time. It uses the Smart Phones but still, they too have a new chip reader.

 

I just got a new credit card with a chip in it but I still don't see how this is going to prevent fraud if someone gets hold of your card or credit card number. Is this all a ploy for the charge card companies to have a way to dump fraud back onto the merchant?

 

Thanks George.

 

It's not going to do anything in these situations. What it's going to do is keep the thieves from skimming the info off of that magnetic strip for your account information at the point of sale. And, help reduce/eliminate much of that portion of fraudulent charges. Which is a significant amount I guess. It's about frickin time actually. We're the last country to do so. As consumers we all pay for our CC companies laziness by them burying fraudulent charges in our interest rates. They still get their nice profit so what do they care? Again, it's about time! And I too have a Square reader...

 

It's never going to prevent fraud any more that "Gun Free Zones" prevent school shootings. What is DOES, however, is to assign a coded transaction number to each use.

As Marty states, we're using 50 year old technology and though 50% of credit card fraud happens in the US, we were the last country to update the system.

 

Thanks for the clarification Marty. I guess I could see how that may help prevent fraud...after every merchant is using this technology.

They can charge as much interest as they want! I NEVER buy anything I cannot pay off when the bill comes therefore they never collect dime one from me. If they try to charge me an annual fee, there are plenty of places that have no annual fee cards. And if that fails, there is always debit cards.

 

Even with the update US will be a generation behind rest of the world, which uses "Pin & Chip", i.e. insert the card in the reader and enter a pin to authorize transaction, vs. US version which is "Chip & Sign".. only half a secure, if you loose your card anyone can use it, till it is cancelled

 

Does a taxidermy shop really need this new card processor ? Ok, so you are responsible for fraud charges if you don't have that new machine......but what would be the odds of a customer using a stolen card to charge up his taxidermy bill ? I don't see that happening. Stolen cards are used to buy electronics and the like, but not to put a deposit down on taxidermy work.

 

for the cost of the new terminal (350.00 or so) its probably worth it just for the peace of mind. Besides, its deductable and id rather spend the money on something for the shop than give it to uncle sam.

 

You ask that like a taxidermy shop does not run a charge high enough to worry about it.

 

Do you really worry about your customers filling out your log book and documenting their hunting license and permits, and then paying for services with a stolen card ? :