The United States is finally making the switch over to the more secure EMV.
If you’re wondering what this is and how it affects your business, you’re not alone.
Broken down to its simplest, EMV is an acronym for Europay, Mastercard, Visa. It’s a global standard for IC cards, or “chip cards.”
The added security comes from the chip that resides on the front of the card.
What’s shocking is how little U.S. merchants are preparing for this mandated change to EMV acceptance.
A merchant summarized the problem with,
Cost of replacement is huge.
The statistics in this infographic claim that only 34% of merchants will be EMV ready by this October.