Company News • 21.09.2015

EMV Deadline: Will SMB Retailers Be Ready in Time?

SMB confidence in ability to meet EMV deadline.
SMB confidence in ability to meet EMV deadline.
Source: Software Advice
Though its October 2015 deadline looms near, many smaller U.S. retailers still aren’t compliant with the new EMV payment standard.

In fact, in Software Advice's December 2014 report on the EMV preparedness levels of small and midsize businesses (SMBs), we were surprised to find that one-quarter of retailers were unaware of the standard. This may prove to be a costly mistake, as non-compliant retailers can soon be held liable for fraudulent transactions.

Their recent report on must-have retail point-of-sale (POS) features brought a similarly surprising discovery: 64 percent of single-store retailers don’t have a POS system in place. Combining these data points, this report will highlight why the impending EMV deadline offers a great chance for retailers to finally upgrade to a POS system—while also making the transition to chip card readers.

In this report, you’ll learn that:

  • Less than one-quarter of retailers are currently EMV-compliant.
  • Nearly a quarter of non-compliant retailers say EMV is "unnecessary."
  • Almost two-thirds of consumers haven’t been issued EMV cards.

Read the full report here: www.softwareadvice.com/retail/will-smbs-meet-emv-deadline.

Source: Software Advice

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