Over the past couple of years, credit card companies have been trying to implement a new chip card that will help with security issues and reduce the likelihood of accounts being compromised due to theft. However, the deadline for retailers implementing this new chipped card system has been delayed.
In September 2016, The NRF released a statement that 2017 will at least bring more retailers using the new card readers that read the chip. Their hope is to get the thousands of retailers that are not currently using chip readers ready to go ASAP.
These chips are going to cut down on counterfeit cards. They're also going to help stolen card data and other security issues that retailers face every day. Once the chip readers are in place and mandatory for every retailer, it is expected to improve security levels immensely. As of now, 57 percent of all retailers have installed the new equipment for reading chip cards, but many are unable to use them yet. This should change soon.
According to National Retail Federation Senior Vice President and General Counsel Mallory Duncan, “Most major retailers have done their part, but the card industry continues to drop the ball. Retailers have spent billions of dollars to install the new equipment, but card companies have failed to sign off on the installations in a timely manner. Many retailers have had new chip card readers sitting next to their cash registers for a year waiting for the card companies’ blessing. We wish they cared as much about security as we do."
She also states that “This is frustrating for retailers and confusing for consumers. Worst of all, the new cards provide just a fraction of the security they could because they are only chip-and-signature rather than the chip-and-PIN used throughout the rest of the industrialized world. Without a secret PIN, virtually any illegible scrawl of a signature is good enough for a criminal to use an innocent person’s credit card with or without a chip.”
Are you still using coin operated machines that do not accept credit cards? If so, it might be time to consider upgrading. Many people use credit cards today much like they used cash in the past. They're far more likely to swipe their card then to hand you cash as payment. If you're interested in learning more about our vended laundry equipment, be sure to contact us.
Are you looking for the best commercial grade washers for your laundromat? If so, you might want to consider the amazing products offered by T & L. Our washers and dryers are second to none. This equipment offers benefits you won’t find with any other brand.
Searching for Electrolux Dealers NC? Consider Speed Queen and Continental First!
If you want to buy equipment for a new facility or replace your old commercial washers and dryers, call T & L Laundry Equipment. We're not Electrolux dealers NC, but we are the top Speed Queen and Continental dealers. We’ve been around for 40 years, so we can give you valuable advice on the best equipment for your laundromat. We know that purchasing industrial dryers and commercial washers in North Carolina is no small investment, so were are here to make it easier. Make the choice to partner with T & L so you can have access to the best commercial laundry equipment on the market.
