With the EMV transition deadline of October 1st having passed, many small business have still not upgraded their terminals to the new standard and many are not aware of the financial and legal liabilities that they are now responsible for. In fact many small business are feeling overwhelmed, according to a recent article on Paymenteye.com.
Last Wednesday, Congress heard from gift shop owner Keith Lipert, owner of The Keith Lipert Gallery, a single-location, three-employee store in Washington who stated “The EMV transition is overwhelming and expensive for an independent, small retailer”, “EMV is all new to me, and banks and the networks are not contacting small businesses to help the transition in any way”.
Lipert, testifying on behalf of the National Retail Federation in front of the House Small Business Committee during a hearing on how EMV will affect small businesses went on to say; “No one from my bank, processor or existing supplier even contacted me about the need to add a new EMV device, let alone a deadline by which to do so.”
Change is known to make people anxious, concerned or stressed. The EMV liability shift is a major undertaking for businesses, especially small ones. It’s important that acquirers communicate to their customers the importance of upgrading their terminals to the new standard to avoid the liability risk.
With Sysnet’s Merchant Contact Services we can reach out to your merchants and help them become EMV compliant. We offer a wide range of services from outbound merchant contact campaigns to encourage terminal upgrades to inbound contact support services for EMV related questions. We will also run an ISO outreach campaign support to ensure your ISO-channel merchants become EMV compliant.
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