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FYI………EMV Deadline Looming For Small Businesses

Credit Card exchange w logo

Something small businesses don’t know that could cost them a bundle next week!

Beginning October 1st, there is going to be a shift in responsibility of who is liable for fraudulent card transactions. Small businesses can be held liable for customer credit and debit card fraud if they don’t have a terminal that complies with Europay Master Card Visa (EMV) chip based standards that can read chip enabled cards.

Here’s the rational

When card fraud happens, whoever is using the “lesser” technology will be responsible for the liability. If a merchant is still using the old swipe and signature method, they’ll be liable if the customer has a chip card. On the other hand, if the retailer uses a new terminal, but the bank hasn’t issued a chip card, the bank will pay up.

Here’s the challenge

Too many small business owners are unaware of this liability shift and the October 1st EMV deadline. Others are putting off purchasing the new equipment because of the cost. It is very risky not having the chip reading terminals because it can be even more expensive getting whacked with the charge-backs from the fraudulent use of cards in your business.

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How many Credit Cards should you have?

Will you be putting this on your store card today?  Oh, you don’t have one?  Well, if you apply for one today, we can give you $50 off your purchase! Well, if you’ve ever been shopping, I’m guessing that sales pitch sounds familiar. But are department store cards a smart way to save money … or are they a bad idea?

Most of us know someone who has more credit cards than Baskin Robins has ice cream flavors. But 3 out of 10 adults don’t have a credit card, and the average is 2.6 per person which is the lowest number is decades.

Branded retail credit cards can save you money on your purchase when you apply, and often there are other discounts or rewards. So, are retail cards a smart way to save money? No, I don’t recommend them. They are a marketing tool by retailers who also make a lot of money on the interest they charge customers who carry a balance. You’re also more likely to be a victim of identity theft if you have lots of cards.

My suggestion: perform some plastic surgery! Any scissors will do the job!



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Debt Collections

I have a question for you. What percentage of adults in America would you guess have debts and unpaid bills in collection? 10 percent? 15 percent? 20 percent?

Wrong! More than 35 percent of Americans have debts and unpaid bills according to a study by the Urban Institute. Let that sink in for a moment. More than one of every three adults in our country has debt in collections. Imagine how that translates into unhealthy stress, tension in marriages, and a host of other challenges. About 67 percent of our nation’s economy is consumer spending, and with consumers so deeply in hock, no wonder the economy has been slow to recover from the Great Recession.

According to an Association of Credit and Collection Professionals Health survey, here are the top three types of debt in collection:

  • Health care-related: 37.9 percent
  • Student loan debt: 25.2 percent
  • Credit card debt: 10.1 percent

So, what’s the solution to this Continue reading Debt Collections