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NFIB document on EMV card technology
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Sources: American Express, Bloomberg, EMV Migration Forum, First Data Corp., Intuit Inc., Visa, NerdWallet NFIB.com/EMVUpdate
Why wouldn’t a small business adopt EMV?
Average cost of an EMV-compliant POS system
$500-$1,000Cost
57%
Difficult software upgrades:
Consumer education challenges:
29%
28%
Do small businesses even know about EMV?
66% of small businesses use card terminals to process payments
But…only 19%know about the fraud liability shift
64% of small businesses are aware of EMV-chip cards and 42% are committed to accepting EMV payments
Why now?
67%
Portion of small businesses that say protection from payment card fraud is very important
27%Drop in fraud in the U.K. when EMV cards became widely accepted
U.S. fraud-related credit card losses expected in 2015
$10 billion
What does EMV stand for?Europay, MasterCard and Visa, the companies that developed the chip technology.
Why is it important?On October 1, 2015, fraud liability will shift to whomever hasn’t adopted the technology.
What exactly is it?EMV credit cards have encrypted computer chips that you insert into a terminal slot instead of swiping. Developers say that they make counterfeit cards virtually impossible.
In the U.S., only 0.12% of card-present transactions were EMV between January 2014 and December 2014.
Percentage of Card-Present Transactions that are EMV
Is EMV really better?The chips generate a unique code for every transaction toprovide greater fraud protection.Much of the world has already adopted the technology and seen heightened security.
0% 20% 40% 60% 80% 100%
80.00%
85.41%
96.60%
58.04%
27.01%
Africa & The Middle East
Europe Zone 2
Canada, Latin America, & The
Carribean
Europe Zone 1
Asia
January 2014-December 2014
The U.S. lags the rest of the world but is catching on:
EMV cards issued in the U.S. by the end of 2014
120 million EMV cards projected to be issued
in the U.S. by the end of 2015
600 million
ARE YOU READY FOR EMV CARDS?ARE YOU READY FOR EMV CARDS?Get your small business ready for the credit card fraud liability shift.
ARE YOU READY FOR EMV CARDS?