Tour Explains How EMV Technology’s Benefits Outweigh Costs of Implementation
Following on the heels of American Express’s “Small Merchant EMV Assistance Program,” a $10 million campaign to speed up adoption of EMV payment terminals, Visa is launching its own “Small Business Chip Education Tour.” The idea behind both tours is to get small merchants on-board with EMV, which has faced resistance from some merchants because they can’t see the cost versus benefits of adopting the new technology.
One huge cost could be in NOT implementing EMV. That’s because as of October, if merchants haven’t upgraded their point-of-sale systems to accept EMV cards, and a card they’ve accepted is used for fraud, liability for that fraud will fall to either the bank or merchant who hasn’t done an upgrade.
To answer both negative and positive questions by small businesses about EMV and to explain the technology, Visa is kicking off a twenty-city tour beginning in Austin, Texas. An article on pymnts.com discusses the tour and what it aims to accomplish. The following has been excerpted from the pymnts.com article and edited to fit our format. You may find complete piece by clicking on this link.
Merchants can speak with those who’ve already adopted EMV
[The tour launches at] the Greater Austin Hispanic Chamber of Commerce Small Business and Entrepreneurial Showcase, where guests will be able to speak with payments experts about payment and chip technology to better understand how it works. They will also be able to speak with merchants who’ve already migrated to the new tech to learn from firsthand experiences.
The tour will cover topics such as how EMV technology is used to prevent data breaches that involve sensitive account data being attacked. Demonstrations will also be given on how the technology works.
Partnering with the U.S. Hispanic Chamber of Commerce
“For small businesses, running smoothly and protecting their customers is of top importance, particularly in the digital age,” said Javier Palomarez, the president and CEO of the U.S. Hispanic Chamber of Commerce.
To further its mission, Visa has used this event to partner with financial institutions, business groups, media organizations and consumer advocacy groups to create educational events across the U.S. This includes a stop in Orlando, Florida, on April 3. Webinars will also be available on the Visa’s chip website.
Small merchants, biggest segment
“As the largest segment of merchants in the U.S., it’s critical that small businesses understand how chip technology works and what it means to the protection of their business and the data of their customers,” Kim Lawrence, senior vice president of Corporate Initiatives at Visa.
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