When it comes to their own ability to thrive, merchants who use the ShopKeep iPad-based point of sale system are an optimistic bunch.
As of October 1, 2015, liability for fraudulent charges will shift from the major credit card companies unto you and your business. What does that mean? This means that merchants will have to foot the bill for fraudulent transactions if they haven’t upgraded their payment terminals to accept new, more secure cards. YIKES!
As concerning as that may be, this event (the liability shift) has been in the works for a few months now. A recent poll by Shopkeep shows 62% of merchants are prepared to accept EMV chip cards in advance of the October 1, 2015 fraud liability deadline.
So what do you do if you’re part of the (quick math, 100-62 = 38.. okay, I’m ready now), so what do you do if you’re part of the 38% that’s NOT ready to accept payments? There’s a few suggestions:
I personally use and recommend Square because “Liability Shift Protection is available for free to all Square sellers who pre-order the Square contactless and chip card reader. Coverage begins the moment a pre-order is placed until the reader arrives.” What this means to me is that you can be protected immediately, even if you do not have the reader in your possession.
* As a Square user, the link provided above is an affiliate link, and while I wholeheartedly recommend this service based on its own merits, I may receive a discount on my own processing fees based on this referral.
Source: Merchants Face Changes in Wages and Payment Processing with Optimism