This month major credit card companies are shifting fraud liability to businesses, including dental practices, if they have not started using EMV chip card accepting terminals.

EMV technology uses a chip/microprocessor — those small, metallic square embedded on new cards — to make payments at the point of sale. It helps minimize frauds and chargeback losses; prevent skimming of card data; and prevent business liability.

After October, however, businesses may be liable for the cost of fraudulent transactions if they are not using a device that accepts chip cards to prevent fraud. Specifically, the liability for a fraudulent transaction may go to the dentist whose equipment is not EMV-compliant.

It is inevitable that the migration to EMV chip card acceptance is going to require additional investments. The cost of the terminal is about $400-$500. To help minimize costs, VDA recommends that if you are already planning to upgrade your point of sale hardware or software, you should consider including support for EMV and contactless technology at that time.

For more information on the EMV transition and for special offers use the resources below:

VDA Endorsed Vendor - WorldPay
804-564-9967
www.worldpay.com

ADA Endorsed Vendor - Chase
bestpaymentprocessing.com/ada or call 1-800-618-1666.

For an FAQ on the EMV transition, click here.