The October 1st deadline to switch to EMV POS System Miami has come and gone, yet less than 30% of all businesses have actually made the mandated changes.
Are you among the 70% of businesses that have yet to make the switch, and if so should you be concerned? First of all you need to ask yourself “What does EMV point of sale mean to my business?”
Facts about EMV POS System Miami
There is still a lot of confusion surrounding EMV and what it actually means, especially regarding liability as it relates to the small business. Be assured that you are not alone in feeling this confusion, but there is no need to panic if you are currently among the non-compliant. Only an estimated 27% of all businesses have currently made the upgrade, mainly comprised of your big box retailers like Walmart and Walgreens.
So what’s the big deal?
Liability! The burden of liability has now shifted from the issuing bank to the merchant, meaning that if you as a business owner accepts a credit card that has been lost or stolen, you can be liable for the fraudulent charges. Implementing an EMV point of sale solution at your business protects you from this liability. Most smaller ticket establishments are having to weigh the risk vs. reward factors in making this switch. An average restaurant could potentially have to invest thousands in an upgrade, making it an investment that some are not willing to make.
All businesses will have to make the switch to EMV at some point, but the time to hit the panic button has not yet arrived. The credit card police won’t be knocking on your door just yet!