Check Out This 'Future-Proof' Universal POS Terminal Poynt's terminal accepts every form of payment, for any type of business.
Opinions expressed by Entrepreneur contributors are their own.
October 2015 is a deadline that hundreds of thousands of U.S. merchants dread. That's when any business that swipes customers' credit cards must have swapped out its payment terminals with costly new ones that follow the EMV (Europay, MasterCard and Visa) protocol. Those who don't make the switch will be liable for any fraud charges that may occur.
This mandatory upgrade, which will affect almost 1 billion cards and 16 million terminals in the U.S., is a once-in-a-generation undertaking, according to Osama Bedier, founder and CEO of Poynt, a Palo Alto, Calif.-based company that has developed a smart payment terminal. "Think about it compared to the Euro currency change a few years back—that's how significant this is," he says.