If you haven’t yet invested in an online or electronic credit card signature system, you might want to wait. They’ll be history in just 20 months.
The US is the last major market to embrace and implement the more secure EMV system for using credit cards for payment. As of October 2015, transactions using a MasterCard or Visa credit account will no longer “swipe and sign” but will “insert and PIN,” similar to how a debit card is currently used. Some banks may still allow the customer to choose whether to sign or PIN their transactions, but all cards issued beginning October 2015 will be microchipped for increased security.
For cleaning companies that require or accept payment by credit card, online services or apps for financial transaction signatures may no longer be needed. The change in procedure and higher level of automation may also reduce the per-transaction rates, making acceptance of credit cards for payment more accessible to small businesses.
This system has been in place in major European and Asian markets for many years. The lower security of the signature system is a primary reason the US leads the credit card fraud market.
Read the full article at The Wall Street Journal.
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