Report: Nearly 80% of SMBs Not Prepared for EMV
Sept. 14, 2015
Despite the looming October 1 date on which liability for fraud perpetrated with counterfeit cards shifts from issuers to merchants, few small and midsize retailers are EMV compliant, according to a new report from Software Advice, a firm that compares POS Systems. While the number of small and midsize retailers that are ready to accept EMV transactions has doubled since 2014, 78 percent still do not have the capability.
When asked why they haven’t implemented EMV terminals, one third said they simply had no time and another third cited the expense. Twenty-three percent said they thought getting an EMV terminal was unnecessary and 10 percent still don’t know about EMV.
Initially it may not matter, with 62 percent of consumers still having not been issued chip cards. Issuers seem to be making headway, however. A recent study of debit issuers by Discover’s PULSE debit network found 90 percent of U.S. financial institutions either have begun issuing chip debit cards or have plans to do so by the end of 2015.