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Credit Card Deadline: Real or Hype?

A number of CPEPs and other PosturePractice doctors have asked me if they need to spend money on a new credit card terminal because of the new requirements that go into effect October 1, 2015 (dubbed EMV, for Europay/MasterCard & Visa).

The Story:  You’re liable for fraudulent point-of-sale card transactions if you take credit cards but don’t use a credit card terminal that is EMV compliant.

Here’s my take:

  • If you’ve never had a charge-back, or aren’t concerned about charge-backs, it’s likely not a big risk.
  • If you retail a lot of high-ticket items, or things easily sold on eBay, and get fraud charge-backs sometimes, you stand to lose.

Sales people may push you to get one, and it may be a good idea…But for most of our people, I have a hard time justifying the expense.

 

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