Golf course owners, like all business owners, will be on the hook for credit card fraud if they don’t migrate to new chip card terminals by October. Essentially, all the major credit card companies—MasterCard, Visa, American Express and the like—have had it with magnetic stripe cards, which are easy plunder for fraudsters. So, they’ve decided to shift the liability for fraud to business owners and other companies that insist on clinging to mag-stripe technology rather than bringing in new chip card terminals by October 1, 2015.
In no uncertain terms, golf course owners who refuse to bring in chip card processing terminals by October 1 face a rude awakening: If you don’t have chip card terminals installed and a fraudster comes into your facility after that date and fraudulently charges anything on a credit card, your business eats the loss. All of it.
To learn more about what you need to do to be in compliance, visit http://golfbusiness.com/article.aspx?id=3279