Highlights from the Twitter Chip Card #SmallBizChat

Highlights from the Twitter Chip Card #SmallBizChat

A deadline of sorts is approaching for small businesses.

As of Oct. 1, merchants are being asked to begin accepting new EMV or “chip” cards replacing the older magnetic strip cards in use since the 1970s.

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The new cards contain a microchip and are inserted into the point-of-sale terminal for the entire duration of payment, not simply swiped as with older cards.

But the newer technology apparently reduces the chance of fraud, an important consideration for both small businesses and consumers.

Beyond concern for their customers’ data, however, a harsher financial reality may motivate many small businesses to make the switch.

After Oct. 1, liability for fraud that occurs as the result of transactions will be shifted to businesses that have failed to make the change.

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Melinda Emerson (@SmallBizLady) and Small Business Trends CEO Anita Campbell (@smallbiztrends) discussed “Transitioning to Chip Card Technology” in a Twitter chat Wednesday, sponsored by Visa Small Biz (@VisaSmallBiz).

Follow the entire archived Twitter chat at #SmallBizChat or see excerpts of the chat below.

The discussion started with a review of some of the big data security concerns shared by most small business owners.

Then, participants went on to discuss some of the steps to improve security for both themselves and their customers — including the new transition to “chip” cards.

Experts and industry representatives talked more about the EMV switch.

So why are the new cards important and is the transition already happening?

And what do small business owners see as the benefits?

Editor’s Note: Anita Campbell has been compensated for participation in this chat.

EMV Card Photo via Shutterstock

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Shawn Hessinger Shawn Hessinger is the Executive Editor for Small Business Trends and a professional journalist with more than 20 years experience in traditional and digital media for trade publications and news sites. He is a member of the Society of Professional Journalists and has served as a beat reporter, columnist, editorial writer, bureau chief and managing editor for the Berks Mont Newspapers.

One Reaction
  1. Okay. So does that mean that there is not enough leeway for businesses to slowly adopt the technology? I know that it can be quite convenient for customers but how about small businesses? Don’t they have the option?