According to the team at United Card Solutions, this year should bring the best opportunity for merchants to switch to EMV readers. Currently, between 20-40% of all merchants have made the change. With a 5-year goal to have all businesses switched over, it would seem that the EMV transition is well underway.
A 2015 Capital One study discovered that 50% of all business owners still had no knowledge of the EMV regulations and chip cards. “That is very surprising given the various efforts over the previous years by card issuers and merchant service providers to inform, engage, and teach merchants about the need to upgrade their EMV POS terminals before the liability shift,” said the team at United Card Solutions.
We are one year into the liability shift and 60% or more of merchants haven’t made the change. As a result, millions of merchants are targets for hackers and counterfeiters. United Card Solutions suspects that merchants will begin paying attention to the switch when chargebacks begin impacting their statements. Merchants will be liable for each fraudulent charge on their account.
Big box retailers, with their enhanced ability to spread knowledge and experience, seem to be on track for liability migration.
Independent small business owners, however, don’t always have the resources to invest in new POS terminals. Another issue faced by small businesses is the mixed messages received from credit card processors. Still, merchants who adopt EMV technology will be less susceptible to hacking and fraud. “The best defense for the small merchant is a combination of EMV, tokenization, and encryption to deter hackers and fraud,” said United Card Solutions.
Merchants will need to upgrade to the EMV POS certified hardware and software that aligns with their industry. In addition, United Card Solutions says that cardholders are further along than merchants in their EMV transitions. More than 50% in the U.S. are being offered the ability to conduct transactions with EMV cards. By the end of 2017, 98% of credit and debit cards in the U.S. will be EMV cards.
There is also growing interest in using mobile payments, which will continue to pressure merchants to upgrade.
United Card Solutions works with companies of all sizes to deliver leading edge card payment solutions, including EMV technology integration with sleek, streamlined credit card terminals, wireless credit card terminals, point of sale systems, debit pin pads, and more.
More information can be found at http://unitedcardsolutions.com.
About United Card Solutions
At United Card Solutions, we offer processing services for transactions involving all major payments that include Visa, MasterCard, Discover, Diners, JCB and American Express. We are dedicated to providing the best support for your business, whether it’s small businesses or large enterprises.
At United Card Solutions, our mission is to bring state of the art card payment solutions to every business nationwide. We provide small business owners and large enterprises with the resources to carry out and manage their financial transactions. Our aim is to help all businesses meet the explicit and ever-changing payment needs in this dynamic new generation. We build value for businesses through the power of satisfaction and by consistently producing superior results.
United Card Solutions makes no representation or warranty regarding and accepts no liability for the accuracy of the content contained herein.
Company Name: United Card Solutions
Contact Person: Samantha Charles
Phone: (844) 838-3085
Country: United States