The EMV Migration Story
When the EMV migration first began every business owner who accepted credit cards became quite curious of this new technology and wanted to learn more. As business owners learned more about the EMV migration technology and the needed things involved there were some business owners who could make the upgraded change because it was affordable and there were others who had to take this EMV migration very slowly. The EMV migration taking place is a wonderful thing as the technology improves credit card security from the standard chip to an actual chip built within the credit card itself.
As mentioned this new EMV migration is quite exciting for retailers because it is the security both businesses and consumers can both appreciate as EMV provides financial safety. What has caused retailer frustration is not having the needed funds which causes slowness when purchasing the needed card readers and software required for reading the chip and magnetic strip card. There has also been business merchants who are trying to do their best at reading and learning the information required about the EMV which can get confusing at times.
The results of a business survey has shown this EMV migration is a slow process for good reason. As a matter of fact, the survey was given to 500 small business owners willingly by American Express based on EMV. The survey results came back showing 57% of business owners have not been able to spend funds on new credit card terminals and it is slowing the much desired EMV migration. Interestingly, another result shows 38% of small business owners did say they are not planning to purchase an EMV card reader or software any time in the near future. It would appear that small business owners do have mixed feelings on this EMV migration and they have every right to because the consumer is how they pay monthly bills.
A benefit for the small business owners in doing this EMV migration comes to them from the major credit card issuers. There will be assistance to all small business owners including incentives plans because of this EMV migration needing to take place. It is very important for all retailers to understand the value and the need of having EMV-compatible equipment because without doing so it can cause serious financial risk should any fraud transactions be taken after the October 1 deadline.