How new credit card chips will affect small business owners


     Credit and debit cards are getting an extra layer of security. Many cards that are being issued now have a chip in them, rather than just a magnetic strip, to try and prevent identity theft. For some businesses getting the technology to process those cards is difficult. We’re talking to small business owners about the change and how it’s going to affect them. 
     Starting October 1, 2015, nationwide, businesses are expected to have their new pin pads in place, and if they don’t that’s a risk they’re taking and it could hit their profits hard if they’re not careful. Steve Jessee, the owner of Associated Photography and Framing, talks about why he is rushing to get his new system in and up and running, “The identity theft thing is going to be the key factor for small business that would definitely hurt if we took in a fraudulent card, so we would be responsible for it. With the new chips in the now the credit card company would still be responsible.”
     So to many the answer might seem simple, all businesses should upgrade their systems, but for others paying for the upgrade may not be feasible, “I lease my machine, so it’s just basically the same lease program that they have on those. So it won’t cost any more, it’s just supposed to be a little more protective.” But Jessee told us that if were to have bought the machine rather than lease it, it would cost over $3,000. 
     Gas stations are exempt from this extra responsibility, for now, but in a couple of years they will also have to upgrade their pin pads. 
     All of the local businesses we spoke with today have upgraded their systems, or told us that they are in the process of doing so. 

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