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This is a reminder to retail business managers on behalf of NYC Small Business Services:
As you may have heard, major credit card companies are migrating from outdated magnetic stripe credit and debit to cards embedded with microchips. On October 1st, the liability for certain types of fraudulent transactions will shift from banks to businesses that do not have the technology to process chip credit cards. The liability shift means that if a customer pays a business using a fraudulent EMV/chip card and that business can only process cards with the magnetic stripe, then that business could be liable for the fraudulent charge.
Contact your private Merchant Account manager to review your business responsibilties and visit NYC Small Business Services: www.nyc.gov/sbs
