During twenty-five years in the payment services industry, I have seen more change in the last three years than all the rest. The magnetic stripe that made electronic data capture possible will be officially retired October 1, 2015. All (card present) business establishments must update their Point of Sale systems to accept the European MasterCard Visa Standard (EMV) chip and pin by the 2015 deadline. The new chip and pin cards will be inserted into a slot rather than swiped as in the past. Many big box stores already have them installed waiting to unplug the magnetic swipe feature. The United States will be the last country to implement the EMV standard.
If your business caters to foreign travelers, you should upgrade now.
Chip and pin EMV adapters are available for existing equipment. Give us a call, we can advise whether to upgrade or replace your equipment. Most processors have issued end-of-life dates for obsolete credit card machines. Make sure your processor will continue to support your equipment before purchasing EMV adapters. We will be glad to have a Certified Credit Card Professional answer any questions you might have, whether you process credit cards with us or not.