Survey: Only 41 Percent of Merchants EMV-Ready

Only 41 percent of business owners currently have the ability to accept EMV credit and debit cards, according to a survey released this week by Newtek Business Services. Of those without EMV terminals, 53 percent reported that they have no plans to update their technology to become EMV-compliant.

Retailers were given an Oct. 1 deadline to transition their point-of-sale systems to accept EMV cards. Now that the deadline has passed, merchants that do not use EMV-compliant technology will be liable if a fraudulent chip card is accepted.

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About Author

Monica C. Meinert

Monica C. Meinert is deputy editor of the ABA Banking Journal and editorial director at the American Bankers Association, where she oversees ABA Daily Newsbytes.