American Express has launched its Small Merchant EMV Assistance Program for small merchants in the USA. AmEx says it found 67% of small merchants surveyed say protection against and prevention of payment-card fraud is a top priority.
The nationwide campaign will help U.S. small merchants fight fraud through a $10 million reimbursement program designed to accelerate adoption of EMV payment terminals. It will also arm small merchants with knowledge about EMV’s security benefits.
As part of American Express’ program, eligible merchants that have upgraded to an EMV terminal can request a one-time $100 reimbursement from American Express.
The Company will deliver educational resources about EMV to small merchants across the U.S. through email, a telephone hotline, and a website. A team of ambassadors – the American Express Fraud Squad – will also visit New York City, Atlanta, Miami and Houston, meeting face-to-face with small merchants to spread the word about EMV and its benefits.
According to the American Express EMV Preparedness Survey found 52% of small businesses reported that they feel they are at higher risk for payment card fraud than larger businesses, with nearly half of those small merchants citing a lack of money to invest in fraud prevention or a lack of access to experts who can assist them as the biggest reasons why.
In addition, more than a third of the surveyed small merchants said they either have not decided whether they will upgrade their payment terminals or they do not plan to upgrade their payment terminals. Of those small merchants, 57% cited the cost of terminals as the main reason.
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