We call it the EMV slow dance. Check out the recent article by Mike Strawhecker. We couldn’t agree more here at Direct Payment Systems!
What is stalling EMV at small merchants?
Three key impediments that are stalling EMV at small merchants:
Limited awareness: While improving, EMV awareness among small merchants remains low, with many unfamiliar with the technology, the upcoming liability shift, or both.
Absence of a clear ROI: Many small merchants are unconvinced by the business case for the rollout of EMV. This is particularly true for merchants whose transactions are dominated by low-ticket items, such as quick-service restaurants. Here, the fraud and chargeback risk is so minimal that many argue any losses brought on by the liability shift would still dwarf the cost of an investment in EMV technology.
A story they’ve heard before: Small-business owners are incessantly hounded by vendors to upgrade to the next greatest technology. To many, the EMV story seems all too similar to many told in the past, causing it to fall on deaf ears.