Has every retail store changed their policy when it comes to EMV protection? The answer is no, and the costs are being projected as high in terms of what will occur if changes aren’t made soon.
According to a recent study conducted by management consulting firm The Strawhecker Group and reported on by Chain Store Age, only 37 percent of U.S. retail locations are EMV-ready. This figure, as of now, is 10 percent below projected numbers from September 2015.
“Only 37 percent of U.S. retail locations are EMV-ready.”
The EMV change took place in October 2015, but more still needs to be done to ensure customer information is kept secure. Some experts believe the complete end of the holiday shopping season will encourage those who haven’t made the change to do so as soon as possible.
“It appeared that some merchants delayed EMV migration completely until the holiday season ended to prevent friction and confusion at the checkout line,” said Jared Drieling, a business intelligence manager at TSG, according to Chain Store Age. “I suspect that many merchants that have delayed, especially merchants in higher risk categories, felt the impact of the liability shift last year and we’ll see them aggressively ramp up plans to migrate.”
Some of the biggest setbacks stores have faced to make the change include payment processor inability to adapt to new changes, technology unpreparedness and lack of technical staff on hand.
By implementing the EMV change into each card, a unique transaction code can be created enabling more secure protection for the user and their finances.
Store managers can ensure safety and financial security of their shoppers and associates by constantly updating security measures in their point of sale system. Visual Retail Plus can help. Visit our website to learn more.