FOR IMMEDIATE RELEASE: September 9, 2015
Come October 1, if a business is not accepting EMV cards, the liability for fraudulent activity on credit/debit cards with chips switches from the card issuer to the business; FRF encourages businesses to make change to protect themselves and their customers
TALLAHASSEE, FL – The Florida Retail Federation (FRF), the state’s premier trade association representing retailers for over 75 years, reminds Florida businesses of the upcoming October 1 liability shift date and to update their point-of-sale terminals to allow them to accept the new security-enhanced EMV chip cards. After October 1, the liability for counterfeit fraud shifts from the card issuer to the merchant. By making this change, businesses will help save themselves potentially tens of thousands of dollars in fraudulent charges, while also increasing the safety and protection of their company and their customers.
“We strongly encourage every business in Florida to make the switch to the EMV chip cards, which provide more security for the consumer and less liability for the business owner,” said FRF President/CEO Rick McAllister. “FRF stands ready to support Florida’s 270,000 retailers and their millions of point of sale terminals which need to incorporate this newer technology to continue providing their customers with a safe and enjoyable shopping experience.”
EMV - which stands for Europay, MasterCard and Visa - is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. This technology was adopted by most European countries more than a decade ago and has resulted in significant drops in fraud, saving merchants hundreds of millions in lost income. While at the same time, fraud in America has doubled.
To help those businesses wary of the initial upfront investment that comes with upgrading their technology and point of sale terminals, FRF is offering terminals for just $99, down from the already low rate of $350. This was done to ensure that every business that wanted to make the switch has the financial capabilities to do so.
“FRF has been working with our members to both inform them of this upcoming change and support their efforts to make the switch to accepting EMV,” said Jon Stolp, FRF’s Vice President of Membership. “It’s our goal to do whatever we need to do to convert as many of our members as possible prior to the liability shift date and we are encouraged by the response so far.”
ABOUT THE FLORIDA RETAIL FEDERATION
The Florida Retail Federation is the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers provide one out of every five jobs in the state, pay more than $49 billion in wages annually, and collect and remit more than $20 billion in sales taxes for Florida’s government each year.