Phil Hickman, president of the St. Louis/Metro East Market
Change is coming to the credit card industry and merchants need to be aware of the options and the risks. “October 1, 2015, is the first landmark date in the gradual move from magnetic strip technology to chip-based credit cards,” said Phil Hickman, president of the St. Louis/Metro East Market of Associated Bank. “Right now, if something goes wrong, the credit card gets lost, stolen, etc. the liability rests with the bank or the card issuer. But, Oct. 1, if the merchant is not chip-card ready, the liability shifts to them. That’s why it’s so important for merchants to understand their responsibility and their risks. If the merchant is not properly equipped, they will own that responsibility and they really don’t want to be there.”
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