E ven though major credit card companies requested most merchants do so by October 1, 2015, a relatively staggering number have not yet adopted procedures meeting credit card EMV compliance. Otherwise, you won’t be able to avoid liability under new credit card chip reader law.

Here’s what you need to know about how credit card compliance law could affect your business-and what any consequences you could face for not updating your technology to follow the EMV rules.ĮMV compliance law stipulates that all businesses need to upgrade their point-of-sale (POS) systems to accommodate EMV chip cards and EMV compliance. And that credit card compliance law, too-also known as EMV compliance law. With these new developments also come those shiny new physical credit cards you’ll need to accept as a small business owner (as well as ones you’ll be spending on with your own business credit cards). The technology behind it, however, is designed to not only cut down on consumer fraud, but also limit credit card and bank issuers’ liability for fraudulent payment chargebacks. Rather, it’s actually an acronym for Europay, Mastercard, and Visa-the three companies to pioneer this payment method. These squares are actually computer chips that are structured to accommodate EMV-the latest development in secure payment technology. Along with the futuristic look they add to any blasé black-striped credit card (nice!), they also come with higher-tech security-and EMV compliance regulations that all businesses must now follow to support it.

Thanks to something called “EMV technology,” you’ve likely received new credit and debit cards in the mail sporting simple silver squares.

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