The Financial Crimes Enforcement Network (FinCEN) new rules on beneficial ownership that were issued last year go into effect May 11, 2018 and banks, credit card processors and other financial institutions have been working for months to implement internal changes to comply with the new rules.
While the new chip technology on credit cards and mobile payments has improved security overall, as a business owner you’ve probably noticed it has slowed down your checkout lines. After inserting the card and waiting for the purchase to complete, the customer must then sign the electronic tablet or in some cases a printed receipt handed to them from the cashier. Some stores required their cashiers to check the signature against the back of the card, and ask for another form of ID if the card wasn’t signed. The impact was pretty immediate and resulted in longer checkout lines, frustrating both you and your customers.