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BizReport : Ecommerce : May 16, 2016

How retailers are adjusting to EMV

We are nearing the 9 month mark from the big EMV - chip-and-pin - credit and debit card switchover here in the US. But, are retailers actually making that switch?

by Kristina Knight

Kristina: Are you seeing more small retailers beginning to make the EMV switch?

Dax Dasilva, CEO & Founder, Lightspeed: Yes, although it's going to take a while for everyone to make the switch-- the common estimate is seven years. According to a survey of 1500 independent retailers that we conducted last Spring, 18% had already adopted EMV technology at that time, but 45% either had no plans to adopt the tech or were unsure about what they would do. Now that the deadline has come and gone we're seeing more small and mid-size retailers making the switch, but we're still a ways off from 100% adoption.

Kristina: For those who are still holding back on chip-and-pin implementation, why haven't they made plans for the switch?

Dax: We found a number of reasons through our survey, including just a basic lack of understanding of EMV, or not wanting to deal with the hassle of getting new hardware. Some specifics:
• 25% demonstrated a lack of understanding of the new rules or how to accept EMV payments
• 18% cited the hassle of replacing their current payment hardware as a source of procrastination
• 17% hadn't heard of EMV

More from Dev and Lightspeed later this week, including how to combat potential EMV switch issues.

Tags: ecommerce, ecommerce trends, EMV, Lightspeed, retail trends

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