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-$1,000 Cost 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 to provide 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?

1-70964-Are You Ready for EMV Cards

Download PDF Report

Upload
jake-leonard
View
71
Download
6

Embed Size (px)

DESCRIPTION

NFIB document on EMV card technology

Citation preview

Page 1: 1-70964-Are You Ready for EMV Cards

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