The EMV October deadline for compliance is fast approaching! There are many good reasons for merchants to change over to the new credit card processors as quickly as possible, not the least of which is increased liability if they don’t. Experts do expect the roll out of the new card readers and technology to span several months if not years. 50-70% of businesses are expected to be in compliance by the end of 2015, with another 5-10% coming on board each month thereafter.
It’s also estimated that somewhere between 600 million and a billion EMV cards will be issued by the first of 2016, with 40% of those predicted to be debit cards and the rest credit cards. Debit cards are predicted to roll out slower due to the banks having to upgrade their software to accommodate the new chip technology.
Some consumers already have EMV cards that have been issued recently as the preparation to shift to the new technology has been going on for many months. It is anticipated that most of the first cards issued will have both the chip and the magnetic stripe technology for the smoothest possible transition over to the new card readers for merchants.
Harbortouch America can help you smooth the transition with an EMV card reader, free with any new POS system account.