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A February survey reveals 71% of business owners were not aware that by October of 2015, Visa and MasterCard will hold the merchant responsible for credit card fraud if they do not have an EMV compliant terminal.
The survey by Newtek Business Services also found 81% of business owners have not yet upgraded their POS or terminal to be EMV ready and to accept Apple Pay.
Barry Sloane, Chairman, President and CEO of The Small Business Authority® commented, “With approximately 6 months to go, it is still apparent that business owners still do not have a full understanding of the importance and issues surrounding the EMV strategy to accept chip card processing. In October of 2015, the risk associated with these payments will shift to the merchant and it is extremely important for individuals taking credit card payments to be aware of EMV, a global standard for credit and debit payment cards based on chip card. We believe our data is skewed with a slight negative bias, however as we go through our own database of customers, they are slowly moving over to EMV compliant merchant accepting platforms.”
Newtek, The Small Business Authority® has over 100,000 business accounts in all 50 states.
For more data on U.S. EMV access CardData®. For information and commentary on U.S. EMV visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on U.S. EMV are available exclusively through CardWeb.com