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Deadline is here for businesses to adopt new credit card readers

This Wednesday, June 10, 2015 photo shows a chip credit card in Philadelphia. (AP Photo/Matt Rourke)
This Wednesday, June 10, 2015 photo shows a chip credit card in Philadelphia. (AP Photo/Matt Rourke) AP

It's here: the Oct. 1 deadline for businesses to adopt new card readers that accept credit- and debit-cards with upgraded chip technology.

This deadline, set by the major card companies, requires businesses to now be ready to accept these updated cards for purchases.

Merchants that use payment systems that can't process these chips could be on the hook for card fraud at their places. Before, card companies were held liable.

The changes are designed to fight card fraud. Chip-bearing cards are harder to counterfeit.

For more information about the switch, check out these webinars and presentations from the U.S. Small Business Administration.

And here's a link to a ShopTalk story about the credit card changes, featuring Juli Ghazi of Pure Pizza explaining how she upgraded to a payment system that reads credit cards with the new chip technology.

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