Survey: More Than 70 Percent of Businesses are Not EMV Compliant Fattmerchant’s 2015 Merchant Survey shows many business owners are not EMV compliant as they head into the holiday season when credit card fraud is at its highest.
ORLANDO, FL Nov. 23, 2015 – Fattmerchant, a merchant services provider saving businesses thousands with its subscription-based model, today announces the results of its 2015 Merchant Survey to determine if business owners are prepared for handling fraudulent charges this holiday season. The survey found 72 percent of respondents have not adopted EMV-compliant technology as the holiday season approaches, and 93 percent of participants are small business owners (with less than 25 employees).
With fraud rates reaching 200 percent of the average rate on Christmas Eve and Christmas Day alone, all businesses without EMV technology are held financially responsible for fraudulent transactions. Though the deadline to make the switch to EMV was Oct. 1, 2015, key findings in the study show 36 percent of business owners do not know anything about what the switch means, demonstrating that merchants don’t have a strong understanding of its importance for security.
If a merchant has not made the switch to EMV and a fraudulent card is used, they will be the one held financially liable – not the bank. As retail transactions increase during the holiday season, the probability of fraudulent charges increases accordingly. It is important for business owners, especially small to medium size business owners, to prepare for the higher volume and higher risk of fraud during holiday sales by having the proper EMV-compliant technology.
Small businesses made up 93 percent of the survey participants, showing that they are particularly unprepared for the damages of this liability shift. “Most consumers come prepared for the holidays and know how to keep their wallet safe. It’s time for merchants to realize their risk too,” said Suneera Madhani, CEO and founder of Fattmerchant. “With November and December bringing in the largest sales volume of the year, merchants need to know the importance of having EMV-compliant technology to ensure they avoid financial liability from fraudulent credit card charges. They also need to be wary of merchant services providers that are out to take advantage of them by overcharging for EMV-compliant equipment right when they need it most.”
For more information about Fattmerchant, visit www.fattmerchant.com.
About Fattmerchant
Fattmerchant is a subscription-based merchant service provider offering unlimited payment processing at direct cost for a flat monthly membership and no contract. Suneera Madhani, CEO of Fattmerchant, founded the company in 2014 after working in the credit card processing industry for three years, wanting to sell a product that customers would be excited about. Fattmerchant saves members an average of 40% a month on the merchant services bill by eliminating mark-ups, fees, and providing free equipment.