When inserted into a terminal, a chip card generates a unique, one-time code needed for the transaction to be approved. “At the US Hispanic Chamber of Commerce, we are proud to partner with Visa to bring the Small Business Chip Education Tour to small business owners throughout the country, and will continue to inform our membership on the benefits of chip technology.” “For small businesses, running smoothly and protecting their customers is of top importance, particularly in the digital age,” said Javier Palomarez, the President and CEO of the U.S. In cities across the country, we will set up educational sessions to explain how chip technology can protect consumers from fraud, and how businesses can offer it in their stores.”Ĭhip education and adoption is critical, because as of October 1, 2015, liability for counterfeit fraud on Visa chip card accounts will shift from the chip card issuer to business owners who have not upgraded to chip-activated terminals. Martin added, “We know that time is a valuable resource to small business owners and we designed the Small Business Chip Education Tour to bring the most critical information on chip technology to merchants directly. “Visa is supporting merchants and consumers through education to ensure a seamless transition to this new technology,” said Ramon Martin, head of global merchant sales and solutions at Visa Inc. is underway, a recent study conducted by the Aite Group found that one-third of small- and medium-sized merchants are still unaware of chip technology. They will also have an opportunity to see demonstrations of how chip technology works at the payment terminal to protect sensitive account information from risk of fraud. Participants will have the opportunity to hear from payments industry experts and connect directly with merchants who have already migrated to chip technology. The Small Business Chip Education Tour will commence at the Greater Austin Hispanic Chamber of Commerce Small Business and Entrepreneurial Showcase in Austin, Texas. Visa Inc.launched its 20-city tour to educate small businesses and consumers about payment card chip technology (also known as EMV technology).
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