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.


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.