Intuit recently revealed what many in the industry thought was true; there is a significant lack of understanding among small businesses about the impending EMV liability shift and what it means to their business. Their analysis found:
“42 percent of small business owners have not heard of the EMV liability shift deadline.
57 percent of respondents cited the cost of a new terminal or reader as the top reason keeping them from planning or upgrading to an EMV-compatible solution.
85 percent of small business owners who will not migrate, or are undecided, are unaware of the financial and legal liabilities they will be responsible for starting in October.”
With the issuing side of payments in stages of migration varying from aggressively reissuing cards now, to starting to make plans to issue sometime in the future, the combination is going to make for some confusing interactions at the point of sale for many months to come.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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