A February report by The Strawhecker Group — a payments consultancy — found that only 37 percent of U.S. merchants are EMV ready when it comes to accepting credit card payments.
EMV stands for Europay-Mastercard-Visa, and represents the small computer chip found on credit cards. Cards must be held inside the terminal when processing an EMV transaction rather than being swiped.
Click here to read The Strawhecker Group’s entire report.
An EMV deadline for non-fuel merchants went into effect Oct. 1, 2015. This deadline shifted the fraud for a fraudulent transaction over to the party that was not EMV ready, which in most cases is the merchant.
If you’re unsure whether your business is EMV ready, please give us a call. We can not only answer your question, but may be able to get you EMV ready and lower your credit card rates considering we have some of the lowest rates in the industry!