New Credit Card machine

[3Deep]

Have any of you made the switch to the new card machine's or heard about it, we were inform last week from another CC company trying to get our biz that our old machine which we bought out right would no longer work as of October this year.  Seems that the two major card companies Master card and Visa will have a chip in there cards, didn't pay it much attention but notice our new cards do have a chip in them.  I normally wait until the last minute to get things done put when ahead and got our new machine..they tell me that all cards debit etc will have these chips, something about added security.

darryl

[Alex M]

The rest of the world has been using those chips for years.
My guess is they can pack more inscription code into them.

[ebscreen]

Chip and pin, common in Europe and pretty much the rest of the world. Semi-dual-factor authentication.
Highly doubt it'll be mandatory by October though....

[Gilligan]

Yeah, I don't see it being mandatory either... Haven't heard from our current processor on one company and that system is fairly old.

Our new processor set us up with this type of setup though.

Other than that, I have no opinion.

[jvanick]

it's not mandatory, but if you don't have the chip system and you take a fradulent card, you could be on the hook for it... (ie, you don't get paid).  Plus.. you'll likely pay a higher interchange fee.

quick google search found this:

http://money.usnews.com/money/personal-finance/articles/2014/10/28/coming-next-fall-more-chip-and-pin-cards-in-the-us

[3Deep]

Yep that's why I got the upgrade can't be taking 500 or 1000 dollar hit's even the small hit's will add up.   Thanks Jvanick pretty good read.

[3Deep]

Was in Wal-mart last night and at the check out, never notice before but they have the new CC machine that also take the chip cards.  Next time I stop to gas up I'll check them out...

[Audifox]

We have had chip technology up here for about 5 years.(Canada)   The chip info doesn't always work, so you still have to swipe like before, or enter manually.
 Pretty soon you'll have a chip embedded under the skin and they'll scan you like they do the goods in the store....