The most surprising finding here is that nearly one-quarter of retailers find EMV compliance unnecessary. Reasons SMBs Haven’t Adopted EMV Terminals However, since that doesn’t seem to be the case, we asked retailers who don’t have EMV readers in place why they’ve yet to transition. Given the severity of not complying with EMV, one would think there’d be some urgency among retailers to adopt EMV capabilities.
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23% of Retailers Think EMV Readers Are Unnecessary Factors such as cost and implementation time can make it easy for retailers to put off purchasing software-but the operational benefits of a POS system, including time saved on both the front and the back end, greatly outweigh the costs.ĭespite these benefits, retailers clearly have a long way to go in terms of EMV compliance and POS adoption. This same sentiment may also be the reason why so many retailers have yet to adopt a POS system. They didn’t believe it was going to happen, or they just put it out of their mind because they had more important things to worry about.” Randy Vanderhoof, Smart Card Alliance “I think there has been a sense that were just going to ignore this. Vanderhoof offers some reasoning into why so many retailers are unprepared. SMB Confidence in Ability to Meet EMV Deadlineīut though the data is trending positive, the hard fact remains: Regardless of confidence levels, 78 percent of retailers still aren’t EMV-compliant. In fact, it has doubled: from 11 percent in 2014 to 22 percent today. Luckily, the number of retailers that are already EMV-compliant is trending in a positive direction. This liability can cause severe financial damage to retailers-especially smaller, independent retailers.Īccording to Randy Vanderhoof, executive director of the Smart Card Alliance (a nonprofit association helping accelerate the adoption of smart-card technology): “After October 2015, the entity that is the least secure in technology will be the one liable for the fraud, if it turns out that that transaction was a counterfeit card.” The primary cause for concern with the EMV standard is the shift in liability for fraudulent charges. Only 22% of SMB Retailers Ready for EMV Deadline
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Almost two-thirds of consumers haven’t been issued EMV cards.Nearly a quarter of non-compliant retailers say EMV is “unnecessary”.Less than one-quarter of retailers are currently EMV-compliant.
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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. Our 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. This may prove to be a costly mistake, as non-compliant retailers can soon be held liable for fraudulent transactions. In fact, in our 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.
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retailers still aren’t compliant with the new EMV payment standard. Though its October 2015 deadline looms near, many smaller U.S.