Report: Smaller retailers not worried about EMV

AUSTIN, Texas — Many smaller retailers only consider meeting the upcoming Oct. 1 deadline for EMV compliance as a small concern.



Despite the fact retailers face a shift in payment card fraud liability if they do not have EMV-compliant POS systems in place by Oct. 1, a new study from Software Advice finds that only 22% of small-to-midsized business (SMB) retailers are prepared to meet the deadline. However, the percentage of SMB retailers who are EMV-compliant has doubled from 11% in 2014 to 22% today.



Among SMB retailers who have not yet complied with EMV, 34% say there is no time to research or implement EMV-compliant technology, 33% say it is too expensive, 23% say it is unnecessary and a surprising 10% don’t know about EMV.



Another reason SMB retailers may not be overly concerned about EMV is that Software Advice found 62% of consumers do not yet have an EMV payment card.