Customers and prospects ask us all the time what exactly is going on with credit cards. And no wonder as we approach NADA 2015 this week at the Moscone Center in San Francisco, California. There is a lot of misinformation out there. For example, here are three breathless quotes from a well-known stock picking subscription service: “Due to recent changes in credit card liability, all merchants in America are now required to update their in-store credit card readers to a more secure standard referred to as EMV. Any merchant who does not comply will be liable for credit card fraud. They have until October 2015. So, in less than one year’s time, nearly every merchant in the US will have upgraded to these new readers.”
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