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Why Your Business Needs to Get on the EMV Train

Kellie Wong | September 10, 2015 |

POS Report statistics emv iPad iPad POS chip and pin iPad Point of Sale point-of-sale security SMB
Why Your Business Needs to Get on the EMV Train

There are key changes that shouldn’t be overlooked for POS EMV card security, one being the new EMV standards for POS has taken place October 1, 2015. October 1 and U.S. merchants will need to be EMV compliant, accepting chips for payment. Failure to do so will result in credit card fraud liability and chargebacks. Note only 22% of retailers have adopted EMV-ready POS systems. These findings stress the importance for businesses to jump on the EMV train for your POS before it is too late. Avoid unnecessary chargebacks, increase your security levels, and don’t become a weak target for hackers. Software Advice, a third-party POS system research site, recently shared a study on EMV highlighting the lack of attention on this important change that will soon heavily impact U.S. merchants. Below are key findings from Software Advice’s EMV report:

SMB Confidence in Ability to Meet EMV Deadline for your POS(via Software Advice’s EMV report)

26% of SMB retailers are not ready for the deadline
46% of retailers feel confident they'll be ready
22% already have EMV terminals in place
7% are unaware of deadline

(Important to note that although 46% are confident, at the end of the day, currently less than a quarter are actually compliant.)

Reasons SMBs Haven’t Adopted EMV Terminals

(via Software Advice’s EMV report)

34% say they don't have the time to research/implement
33% say it's too expensive to adopt
23% say it’s unnecessary
10% don't know about EMV

U.S. Consumer Usage of Chip-Based Cards

(via Software Advice’s EMV report)

62% don't have an EMV card
24% have used an EMV card
14% have EMV cards, but haven't used them

Shockingly, 23% of respondents said EMV was unnecessary. Don’t be a part of the 23%, and protect your business before it’s too late and you find yourself in a pile of chargebacks. U.S. merchants have to make the time for EMV compliance or else they will risk facing major losses from being liable for fraud. Only more consumers will be getting new EMV cards, so you want to be prepared. Learn everything there is to know about EMV and how to protect your business by watching our recent EMV webinar. Watch our webinar recording featuring Bobby Marhamat, VP of Sales at Revel Systems, plus Dan Dermody, Sales Executive, as they discuss the new EMV standard and how it will affect U.S. merchants.

Watch our EMV webinar replay and learn:

  • What the credit card fraud landscape looks like and what is being done globally to fight it
  • What standards the major credit card issuers have put in place to address frauds in the U.S. and what changes will take place on October 1, 2015
  • The key things you should do to protect your business from being liable for fraudulent chargebacks after October 1, 2015

Jump on the EMV train sooner than later before October 1 comes. Start by accessing the EMV webinar replay here.

The EMV liability shift is around the corner! Get 1 year of EMV compliance on us. Get secure for free here.*

*Offer extended until October 15, 2015

 

 

 

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