MOUNTAIN VIEW, Calif. — Credit unions may want to step up their EMV education efforts toward their small business members.
A new study from Intuit finds that only 42% of small businesses are prepared for October's EMV liability shift. On Oct. 1, in the event of a data breach, liability will shift to whichever party in a transaction is less compliant.
Intuit surveyed more than 500 small businesses during April and determined that only 42% of respondents are prepared for the switch.
"The biggest barriers for small businesses to become EMV compliant are the cost and lack of time or resources required to research terminals," Intuit's SVP for payments and commerce solutions Eric Dunn said in a statement.
Among the major findings of EMV's study:
- 42% of small business owners were not aware of the EMV liability shift deadline
- 85% of small business owners who don't plan to migrate to EMV-enabled terminals or are undecided were also unaware of the financial and legal implications should a breach occur after the October deadline
- 86% of small business owners who don't plan to migrate or are undecided may not be able to handle the financial and legal liabilities of fraudulent transactions.
