IF YOU ARE STARTING A BUSINESS, GROWING a business or looking for resources to improve your business, we are pleased to connect you with the following resources available in the Kane PA area, and a list of business support organizations and agencies that provide the information you need to succeed.
A SPECIAL REPORT FROM CNB BANK: CHIP CARDS:What do they mean for your business:
A chip card is a credit or debit card that utilizes microchip technology to make in-person credit and debit transactions safer than ever before. They are known by many different names--smart card, smart-chip, chip-enabled smart card, chip-and-choice card, EMV (Europay, MasterCard, Visa) smart card, and EMV card. The purpose of the chip card is to add an extra layer of security to customer transactions.
How will chip cards affect your business? Currently, if a fraudulent card is used, banks absorb the cost. This has changed as of October, 2015, as a liability shift will take place. This means that if your customer pays with a faudulent chip card, and you're not set up with a chip card reader, banks will no longer be liable, you would be responsible for the transaction.
What can you do to prepare for the liability shift? If you've already purchased or rented your chip-enabled terminal, no further action is necessary at this time. If you're not sure whether your equipment can process chip cards, call CNB Bank to speak to one of their specialists. Call Kyle Kunes (814-290-5823), Katie Penoyer (814-290-5770) or Danielle Raddings (814-290-5768)
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