New "EMV" card readers vs exsisting readers?

[Robert2181]

Has anyone heard from their banks and/or cc card companies and/or equipment suppliers about the 10/01/15 compliance with the new readers that will be required to read the (emv chip) cc?

All fraudulent charges will have to covered by the merchant if their reader is not updated.

I have been contemplating putting in cc readers for my self-serve bays, vacuums, vending & laundromat. I already will be updating the units for the tunnel,quick lube,tire center & propane station.

 

[Randy]

I think it’s going to be a huge mess and I think there will be some pretty upset merchants/operators when they find out what the costs are going to be for new EMV equipment. The US is one of the last counties to go to the EMV card. Europe, Australia and Canada have had them for years. Is it going to happen overnight, no I think it’ll take a long time to phase out the mag stripe card and phase in the EMV card. What’s going to happen on Oct. 1 2015 the credit card companies will no longer be eating a fraudulent credit card transaction, it’ll sift over to the merchant. Here’s an interesting article http://www.creditcards.com/credit-card-news/business-slow-emv-reader-conversion-1269.php It’s my understanding that dial up credit card processing is going to be a thing of the past, it’s all going to high speed internet. It’s going to be interesting to say the least and I think everyone should start thinking about how it's going to affect there operation.

 

[Randy]

Here’s some more info on the credit card change over to the chip-pin card. Kind of sounds like it might happen sooner than everyone thought.
http://www.msn.com/en-us/money/companies/massive-switch-to-new-credit-cards-ahead/ar-BBaKxRG

 

[mjwalsh]

Here’s some more info on the credit card change over to the chip-pin card. Kind of sounds like it might happen sooner than everyone thought.
http://www.msn.com/en-us/money/companies/massive-switch-to-new-credit-cards-ahead/ar-BBaKxRG

Thanks Randy,

That article seems to point to an even greater urgency than many of us may be aware of. It is hard to proceed unless we are kept properly informed ... Thanks. It takes time & honest effort to find articles that are not tainted with too much of a bias ... so we appreciate some of the more current information. I am not sure if their suggestion to one terminal for all payment methods is just wishful thinking ... but it did make sense. I have flashback to when a large regional food supermarket corporation invested money ... not that long ago in a fancy fingerprint system to facilitate their grocery checkouts ... I don't know all the details on how much added expense they had to pass on ... but they took that system completely out after trying it for a few years.

mike walsh http://kingkoin.com/USA_Deficit_Reduction.html

 

[mjwalsh]

All fraudulent charges will have to covered by the merchant if their reader is not updated.
I have been contemplating putting in cc readers for my self-serve bays, vacuums, vending & laundromat. I already will be updating the units for the tunnel,quick lube,tire center & propane station.

Robert2181,

Contrary to what some would have others believe, I was also was very interested several yaars back on trying to go in the direction of CC & cell phone NFC after reading about it actually happening in other countries. After gathering as much info as I could find time to gather ... myself, & others close to me have realized that most other industrial countries also were more prudent & realistic than us here in the USA in almost all areas of payment methods including the EMV-Chip Pin. Most of the other countries were also more prudent when it came to adjusting their coin & currency than some of the pathetic leadership & continued pathetic leadership along that line ... that we have suffered through. For most of our specific equipment a higher denomination coin or coins with $5 bills minimum in our over 16 bill acceptors ... are clearly the best fit ... from every conceivable angle that I can come up with.

Our local Sam's Club issued us to our business & personally several EMV Chip-Pin MasterCards several months ago & all their terminals inside the store now accept EMV Chip-Pin. Those cards will work everywhere because they also have a magnetic strip ... but like you & Randy all the experts confirm ... at some point in time if those cards are used only with their magnetic strips because someone did not update & the card gets compromised ... then it looks like some lawyers will have a field day! As far as Apple Pay's Tim Cook's statement on total privacy with that method ... I heard an interview where the current FBI director (if I remember right) who said "no way" will Apple & their merchants be able to have that situation as Tim described. He said something about needed law enforcement will at minimum will have to have access with a warrant or whatever other legalese.

I visited with a good long term friend of mine who is deeply involved in the ownership of many gas stations in our area & he told me that it appears that pumps will possibly have some extension that others will not have ... something to do with the explosion techicalities of the gas fumes it sounded like. I have known this individual for over 25 years & he is more electronically & business savvy than most of us on this forum. He mentioned that there is talk of a different liability consideration for debit vs credit cards. I am not sure what percentage of the general public gravitates more to credit or debit?

You mentioned that you have more singular payment stations such as your tunnel etc. I would say similar to our ATM ... the cost to update those stations will be both practical & affordable & possibly imperative because of yours & others specific demographics. Since our operation has a large number of individual machines in our laundromat, self service dog wash, self service bays, & vacuums ... for those items we do not see the ongoing expense of these fancier payment systems being a good fit for us ... based on the sheer number of terminals needed.

mike walsh http://kingkoin.com/USA_Deficit_Reduction.html

 

[cdreed06]

The vast majority of our transactions are $20 or less. As far as my location goes I don't forsee much trouble on the liability shift, if someone uses a stolen card and gets my top wash, I'm out $8. Or is there a bigger liability that I am not seeing. I think my location will be ok, the cards will continue to have the strip on them even if they have the chip.

 

[mjwalsh]

The vast majority of our transactions are $20 or less. As far as my location goes I don't forsee much trouble on the liability shift, if someone uses a stolen card and gets my top wash, I'm out $8. Or is there a bigger liability that I am not seeing. I think my location will be ok, the cards will continue to have the strip on them even if they have the chip.

CDReed06 & others,

I am not sure of how far the level of liability will include but I think most of us prefer not to take that chance of a horrific entanglement. Also, it seems like something to consider is public sentiment & awareness changing to the point where if they see a non compliant receptacle at a car wash & a competitor has a compliant receptacle ... it is possible they will go to where they are more protected. Something like occasionally whenever I did not see the padlock or the s after http on an online payment sight ... it was important enough to me to avoid even starting to proceed on the page.

Here is a link where some lawyers are somewhat sharing their theory dis & theory dat perspective: http://jacksonandwilson.com/target-credit-card-data-theft/

mike walsh www.kingkoin.com

 

[Randy]

The vast majority of our transactions are $20 or less. As far as my location goes I don't forsee much trouble on the liability shift, if someone uses a stolen card and gets my top wash, I'm out $8. Or is there a bigger liability that I am not seeing. I think my location will be ok, the cards will continue to have the strip on them even if they have the chip.

Eventually the mag stripe card is going to go away.