Retriever Merchant Solutions is a full-service provider of transaction processing technologies, software, and equipment. In addition to assisting companies in the selection and installation of payment processing systems, Retriever Merchant Solutions also provides expert consulting on compliance issues such as merchant liability.
The introduction of the EMV chip card prompted credit card companies to shift liability from fraudulent transactions onto merchants. This is because EMV chip cards create a new transaction ID for every purchase, which makes the cardholder’s information much more difficult to capture and steal. If merchants accept traditional magnetic stripe payments, they are increasing the likelihood of credit card fraud. For this reason, most merchants are now held liable for this type of fraud. To avoid this, businesses should ensure that all customers paying with chip-enabled cards tap their card for payment. There are some exceptions. For example, some industries like gas stations are not included in this rule change. Additionally, merchants are not responsible for chip-enabled payments with a stolen card or swipe payments made due to a malfunctioning chip. Please visit http://www.rmsnpc.com/ for more information!
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AuthorRetriever Merchant Solutions - Options in Payment Processing Archives
October 2020
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