Starting October 1st, merchants are now liable for any losses due to credit card fraud if they are not processing new, more secure, chip cards in their card present transactions.
Did you purchase and install the new readers in your rental shop?
If not, you are not alone. According to an article last week in USA Today, more than six in 10 American card holders do not have chip-enabled cards yet. And only 27% of merchants in the US will be able to process the chip cards.
And even though you did not meet the deadline last week, you should start the process now to mitigate your fraud risk. Two key steps for being able to read the chip cards are:
- Order the new credit card terminals now; they are on back order. Wynne customers need to purchase Verifone MX915 terminals directly from National Merchant Association (NMA.) NMA will configure and ship the credit card terminal to you.
- Get on the latest version of RentalMan. If you are a SaaS customer, these upgrades are performed regularly and will not require any intervention from you. If you’re a hosted or on premise client, you need to work with customer care to get onto the latest PTF.
Wynne is here to support you and will help you integrate the new hardware into your business. For more information read this prior post or watch this webinar. Feel free to call Customer Care as well.
Starting October 1st, merchants are now liable for any losses due to credit card fraud if they are not processing new, more secure, chip cards in their card present transactions.
