You may have heard about the new PCI security requirements that will take effect in October, 2015. We’ve received questions from some and wanted to share what we know so far with all.
The Payment Card Industry has mandated a shift to smart card technologies in an effort to better protect cardholder information. Smart cards, also known as “chip and pin” or EMV, rely on technology based on an imbedded microchip in credit and debit cards. These cards will require a reader that will retrieve the consumer’s payment information from the chip instead of the traditional magnetic stripe.
Historically, the card brands (Visa®, MasterCard®, American Express®, Discover®, et al) assumed liability for fraudulent transactions. Beginning with the implementation of the new requirements, liability for fraudulent cards will to shift those merchants who do not upgrade their hardware to read smart cards. Only those merchants who install the Smart Card technology will be shielded from this liability and the burden to prove the validity of each transaction.
Bookstore Manager is investigating and testing the hardware that will integrate with the payment module. Aside from meeting the PCI requirements, we are focused on readers that are reasonably priced and simple to operate. Testing should be completed by the end of the first quarter 2015, allowing ample time for you to budget and implement the new devices.
Our partnership with National Processing Company has been a valuable asset in evaluating and making this change. Their levelheaded approach contrasts sharply to those processors who use “the sky is falling” rhetoric in an attempt to scare merchants into rash and reckless decisions. Additionally, this relationship enables us to provide you with one stop support if you ever encounter a processing related issue.
While Thanksgiving Day has already passed for 2014, we at Bookstore Manager continue to be deeply thankful for allowing us to play a small part in your ministry. We trust the Lord will bless your efforts to spread the Good News of the Lord Jesus Christ.
Your BSMGR Support Team
firstname.lastname@example.org | (800) 997-6724 (option 2)