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.