Only 22% of Small Businesses Are Ready for EMV Deadline

Only 22% of Small Businesses Are Ready for EMV Deadline

September 10, 2015         Written By John H. Oldshue

Yet another study has emerged showing that small businesses are unprepared for the October 2015 deadline of transitioning to EMV card readers. Only 22% of small retailers are ready for the deadline, and 23% feel chip and PIN card readers are completely unnecessary.

The research from Software Advice is consistent with the data from the Wells Fargo survey published in August. In that study, only 29% of small business owners said they would upgrade their credit card processors before the deadline. 46% did not want to pay for an EMV terminal, and 41% were not concerned about being held liable for charges.

Across both studies, business owners report that they need extra time to research and implement the new technology, or it is simply too expensive to make the switch at this time. Surprisingly, about one in 10 business owners still said they did not know about the approaching deadline.

These unwilling or unknowing retailers may be in a rude awakening in October because the new laws shift liability to the point of lowest security. In other words, the organization with the lowest amount of protection for a cardholder will be the one held liable for any fraudulent charges on the card. If the retailer does not support chip-embedded cards, it could incur huge costs in covering those losses.

What may be even more surprising about this study is the fact that 62% of consumers say they still have not received their new EMV cards. A recent report from Aite Group showed 70% of credit cards and 41% of debit cards in the United States should have smart chips by the end of this year, but so far, the release has been a slow one.

The information contained within this article was accurate as of September 10, 2015. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and may be compensated if you take action with any of our affiliate partners.


About John H. Oldshue

John Oldshue is the creator of He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for
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