In the middle of 2015, prior to the EMV liability shift, OpenEdge surveyed more than 1,000 merchants on their perceptions about EMV. Our goal was to understand how ready businesses were for EMV and what they knew about the new security technology.
While the EMV liability shift deadline has come and gone, this “EMV Pulse on the Market”eStudy is still an interested read for anyone invested in how the U.S. is adopting to “chip & dip”
A short excerpt:
A very small percentage of businesses are presently taking EMV payments. Nearly 37% answered that they “did not know” if they were accepting EMV transactions, indicating a lack of understanding and education in the market. Furthermore, most merchants indicated they had “little or no” knowledge of EMV.
Responses from merchants, on their sense of preparedness for EMV, closely align with their familiarity. Only a small sample indicated it was prepared, while nearly two-thirds of respondents stated they were “not at all” prepared. Businesses accepting EMV payments will contend with new software, hardware and checkout processes. Payment stakeholders, therefore, will need to set merchants up and train them, in advance.
Marketing Information on EMV
Much of the market confusion and merchant perceptions may be the result of the lack of EMV information being circulated. Nearly 90% of respondents say they’ve received little or no information. Of the minority receiving information, nearly 94% of merchants did not consider the information they received helpful. Many respondents resorted to their own resources to prepare for EMV. Payment processors and credit card companies appear to be the most common sources of information.
Download the complete document: "Pulse on the Market: Merchant Survey Findings on EMV Knowledge, Attitudes & Readiness"