Merchant Minute - July

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Dear Valued Merchant,

Tired of waiting for customers to sign when they swipe a card? Maybe they just scribble or sign in a funny way like this gentleman anyways? Well we have some good news! Back in April, the four major card networks (Mastercard, Visa, Discover, American Express) agreed to stop requiring a signature to complete a transaction if the merchant is EMV-enabled. Non EMV-Enabled merchants, such as our mobile processing, will still require signatures. The card networks acknowledged that signatures are not an accurate or useful way to prove identity as many merchants do not cross reference the signature at transaction to the signature on the back of the card anyways. The industry has also evolved to where fraud detection capabilities are advanced enough that signatures are not needed to fight fraud. It is estimated that up to 75% of businesses will no longer require signatures by the end of 2018. No longer having customers sign to complete a transaction can create increased efficiency for a business with no additional liability. If a business benefits by quickly getting customers in and out, no signatures will create efficiency and therefore a better customer experience. If you would like more information on the changes by the card networks, that can be viewed here.

We hope all of our merchants are having a great summer from everyone here at Citizens State Bank. As always, make it a great day!