Piedmont Payment Advisors, LLC
This has been going on for years as a back handed way to sell terminals and solicit new accounts but there is a reason that they have increased over the last year. The credit card associations have agreed to adopt the EMV (Europay, MasterCard, Visa) specs for "chip based cards". The earliest that these new regulations will take effect for merchants is October 2015, unless that deadline is necessarily extended. The roll out of "chip" cards in the US has been slow and all the details have yet to be agreed upon by the various card issuers. Most existing terminals will be able to comply by adding a new pin pad device. Magnetic strip credit cards will be with us for at least a decade (chip cards have a mag strip as well) and your existing credit card terminal will continue to work after the deadline. The difference being that liability can shift to the merchant if a fraudulent transaction occurs when a chip reader would have prevented the loss. Our clients will be notified in plenty of time once the final details and dates are determined.