Some small business owners ignoring EMV

Although the October fraud liability shift deadline has passed, 78 percent of small- and medium-sized businesses (SMBs) have yet to adopt EMV-compliant systems. Of that 78 percent, 23 percent call converting their point of sale (POS) terminals “unnecessary.” This is perhaps explained by low average transaction values.

Besides the high number saying EMV is unnecessary — 34 percent said they don’t have time to research and implement EMV. Thirty-three percent said it’s too expensive to adopt, and 10 percent were unaware of EMV despite substantial levels of EMV publicity.

POS systems review site Software Advice surveyed SMBs to evaluate EMV readiness. Among the report’s findings, 64 percent of single-store retailers do not have a POS system in place, and just 22 percent of SMB retailers were prepared to meet October’s EMV deadline. Lack of education also plays a role here, as 25 percent of retailers were unaware of the changes to the standards.

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