Rick and Simone Kvalheim from Affinity 24 were our hosts at the offsite meeting this week. Affinity 24’s executive leadership team has over seventy five years of combined merchant processing experience with over 35,000 merchant accounts sold. We learned that fraud in the United States is $15 billion dollars annually. Credit card fraud is the silent killer in our economy. Credit card fraud in the U.S. is more than the rest of the world combined while Europe has decreased fraud over the last decade by 70%. Europay, MasterCard and Visa have developed a new standard to combat fraud. The standard is EMV, utilizing a chip that cannot be counterfeited the way the magnetic strip can.
In October 2015 liability for fraud moved from the banks to the local merchants. Everyone must have an EMV compliant terminal to read the creditcardchips. Merchantsthatarenot compliant and a credit card is compromised will be subject to a fine of up to $50,000, ten years of credit monitoring fees and costs associated with purchases or services charged on the compromised card.
Simone demonstrated the chip reading equipment that can be used on your phone or tablet. They will walk you through the process and make sure you are set up to be compliant.
The perfect referral for Rick and Simone at Affinity 24 is anyone in business taking credit cards.