“When it comes to fraud liability, we need to recognize that targets may shift.” – Michele Kramer
Based on Paychex Small Business Survey, retailers and restaurant business owners are better aware of EMV and the liability shift associated with it, as compared with other merchants.
What Does Survey Show?
Paychex Small Business Survey was conducted between October 14 and 27. Paychex, Inc. is a payroll, human resource, and benefits outsourcing solutions provider for small- and medium-sized businesses. More than 760 small-business owners were surveyed. 69% of these merchants were in retail and restaurant businesses, and had a higher level of awareness about EMV liability shift.
As a result, merchants who aren’t prepared to accept EMV card transactions will be liable for losses associated with credit and debit card forgery, as compared with the other merchants counting for 56%.
Merchants claiming they were prepared to accept EMV transactions counted for 29%, as compared with those (47%) involved in the retail and restaurant industries. Other merchants who participated in the survey were from the healthcare, consumer goods and services sectors, and more.
Merchants, especially those doing high risk businesses, should choose the right online payment processor in the field. EMB, the nation’s leading payment processing company, has helped thousands of small and medium-sized businesses that are “risky” obtain domestic merchant accounts. EMB offers a full suite of electronic payment processing solutions to virtually any merchant. Choose EMB for your high risk merchant account and start growing your revenue.
EMV’s Biggest Impact
According to Paychex product marketing manager David Durick, the retail and restaurant or food and beverage industries are going to witness the biggest impact caused by EMV and the liability shift. He further explains that these industries count for the largest number of in-person payment transactions, which makes them bear more impact.
Businesses that don’t use the latest trends in technology and security will be more attacked by fraud. Naturally, they should obtain a better awareness about EMV and the liability for possible fraudulent transactions.
With EMB, a low-hassle and low-cost payment processor, merchants can protect their high risk businesses and fight against fraud without major challenges. EMB offers a full support platform, and a wide range of payment gateways, business funding, POS and check processing solutions.
According to Paychex, 55% of merchants having installed EMV-compatible POS terminals state the transition was easy and smooth. As for more than 960 consumers surveyed, 75% of them had EMV cards, and 61% had already made a purchase via the chip card.