New survey results were announced today that show a significant population of merchants in the US have not migrated their terminals to EMV specs. I don’t think this surprises anyone since the survey was completed in October prior to most merchants receiving their first statements and seeing what a shift in liability really means to them. As announced by Newtek Business Services Corp.:
Based on a poll of over 1,300 respondents, the key finding from the October survey is only 41% of business owners have a point of sale (POS) terminal or other method of taking credit and debit payments that is EMV compliant.
What is interesting is the percentage of respondents who have no intention, at least at this juncture, of ever changing:
Of those who do not have an EMV compliant terminal, 53% do not plan on upgrading their terminals to become EMV compliant.
The need to issue cards with magnetic stripes may be with us for a very long time.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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