There’s no sugar-coating it. The transition to so-called “chip” credit and debit cards has been one of the most troublesome technology roll-outs in recent memory. The continuing struggle has impacted everyone involved in payments, from consumers who face constant “insert the card or swipe it” confusion, to technology providers who are scrambling to keep up with both demand and the ongoing evolution of chip technology.
But merchants – and particularly smaller businesses – have suffered most. Not only was this substantial technology upgrade thrust upon retailers, but so was liability for fraudulent charges made with non-chip cards.
A year after the Oct. 1, 2015, shift in card fraud liability, the majority of U.S. businesses are still unable to accept chip cards, which are known as EMV cards. According to a survey from the National Retail Federation, less than half of responding retailers had implemented or planned on implementing EMV at their retail locations by the end of June of this year. In most cases, this is not due to lack of merchant effort: equipment availability has been limited, and certification of EMV systems by card issuers can take up to six months or more.
Read the full article by Joe Gage on SmallBizDaily.Back To Blog