Don't Lose Your Business Over EMV Apathy
By The Business Solutions Network
Oct. 1, 2015, is the day many in payment’s space have been talking about for a long time: the EMV liability shift. I’m guessing that you woke up that day feeling the same, as did your customers, and the day passed like any other. The shift occurred without some even knowing it, and without many understanding it. The media (BSM included) and vendors in the payments world have virtually flooded the industry over the past couple years with EMV-related articles, news, and warnings regarding the looming liability shift. Many IT solutions providers responded by asking their software and payment vendor partners what they should do and then learned that EMV-ready solutions weren’t quite ready for market. With nothing to sell, the realization that the industry wouldn’t be ready by the deadline set in and many grew apathetic to this momentous shift.
Various studies and reports show the same thing. The majority of merchants in the U.S. were not EMV-compliant by Oct. 1. Many software vendors are still waiting for clear migration paths. Many VARs and merchants aren’t worried.
I’m writing today to tell you that every day that passes after Oct. 1, your customers businesses and your business are at risk if they’re not using EMV-compliant solutions. Breaches that occur tomorrow will be pinned on the part of the system deemed weakest from a security standpoint. If a breach occurs, rest assured, you and your customer will be looking at crippling fines.
It’s easy to believe that no one is going to target your mom-and-pop customers for a breach. However, why wouldn’t a criminal after learning that the big retailers and chains were really the only ones who bolstered their security? Also, isn’t it possible that criminals won’t target your customer because of who they are or their size, but because of the software they run? If I knew that POS software brand X didn’t have the most up to date security, I’d be targeting everyone using it.
Just because Oct. 1 felt like any other day, it wasn’t. Every day hereafter, imagine you’re waking up and playing a round of Russian Roulette with your business. EMV will continue to be an important topic for a couple years. It will still create a lot of opportunity for you. Don't drag your feet. Press your partners for real solutions you can sell (not EMV Band-Aids) and urge your customers to make the upgrade as soon as possible.