Intuit made the decision that if a merchant swiped a chip card, Intuit and not the merchant would bear the responsibility for any fraudulent transactions, since Intuit wasn’t ready. Well the long and short of it was it took a lot of effort and all the POS software vendors tried to get certified at the same time. So you are asking, 'Will, what took so long?' The banks started the transition last October but Intuit is just now making the change. The technology has been in use in Europe for more than 10 years, and the fraud there is a small percentage of what credit card fraud has been here in the United States over the same time period. Since the information changes with each transaction, it is almost impossible to clone a physical card. QuickBooks Point of Sale Pro v12 Desktop Upgrade 1 user license Handles sales, credit card processing, inventory management, customer tracking Our latest updates deliver 10x faster startup times and significantly faster workflows Save time with new multi-tasking capability, keyboard shortcuts, and sorting in key workflows Say yes to higher credit card security standards: our product is Chip. The processor validates that the information is correct and then transmits information back that actually gets written to the chip. With the new chip technology, once you insert your card, the chip is powered up and sends a bit of information to the processor. With older credit cards that have a magnetic stripe on the back, all of the information you need to clone the card is readily available to be read and used. While all of the EMV details could well be a separate article, the short answer is that chip cards reduce fraud.

By now, I am sure you are aware of the chip technology (EMV) that newer credit cards contain.

Intuit pos v12