Chip-card payment system delays costing retailers

Delays in the required certification of payment terminals that accept credit and debit cards with embedded chips are frustrating many retailers, particularly midsized ones, and also costing them as, since Oct. 1, stores that cannot accept chip cards have had to shoulder the cost of fraud — and banks are not shy about passing along the bill, the New York Times reported. “Merchants have gotten slammed because they weren’t able to get certified, because the networks failed to provide the necessary resources to do that,” said Mallory Duncan, general counsel for the National Retail Federation. [New York Times]