In just a few short weeks, businesses will need to update their credit card terminals to accept the new chip-and-PIN cards or they may find themselves financially liable for fraud.
CardHub recently released a report examining the extent to which the nation’s 10 largest credit card issuers have adopted Credit CARD Act protections for business-branded cards.
Late last week, Visa, MasterCard and several of the nation’s largest banks signed on to a proposed settlement agreement in an antitrust class action lawsuit over swipe fees and allegations of price fixing. The settlement, while a step in the right direction but far from ideal, illustrates the dire need for further swipe fee reform.
