Only half of business owners have upgraded their card processing systems, according to survey.
Small business owners are facing increased fraud liability as a result of the new EMV chip card technology in credit cards, Property Casualty 360 writes. The article explains how merchants were given a deadline of Oct. 1, 2015 to start using new point-of-sale credit card terminals that would accept the chip-enabled cards. From that point forward, any business that did not upgrade its payment terminals became liable for any instances of credit card fraud. This article outlines additional scenarios in which the merchant is now liable.
On a related note, Wells Fargo surveyed business owners regarding their attitudes about chip-enabled cards. Forty-eight percent of respondents said that their credit card processing system is currently chip-enabled, while an additional 22 percent plan to upgrade in the next six months. Twenty percent say they never plan to upgrade their systems.