1-800-719-9198 sales@avpsolutions.com
AVPS Accept Credit Cards Online
  • Home
  • Solutions
  • Products
  • Contact
Select Page

Small Business is Optimistic — But Is It Ready For EMVs?

by Credit Card Processing | Aug 12, 2015 | business merchant services, merchant account services, merchant services | 0 comments

Small Business is Optimistic — But Is It Ready For EMVs?

Shopkeep is a cloud-based technology company  used by more than 18,000 different small businesses, to keep track of things like payroll, inventory, etc. They are also prone to surveying their customers and compiling the info in what they called their “ShopKeep Small Business Index,” or SSBI They just announced the release for their survey for the second quarter of 2015, and the good news is that “survey respondents reported their highest revenue and optimism to date.”

Part of that optimism was no doubt fueled by what the SSBI identified as “an average of 23.1% year-over-year increase in sales revenue,” which represented a “staggering 11% increase from Q1 2015.”

Particularly of interest to readers of this blog and newsletter, is that according to ShopKeep’s CEO, Norm Merritt,  the parameters they used for this quarter’s findings “addressed public policy, hiring and payments technology – which all stand as large influencers to business operations for merchants across America for the remainder of the year.”

Their survey stressed that “with the upcoming EMV deadline, business owners should make it a priority to understand the new chip and pin cards.”

And indeed, the SSDI indicates this is happening: “Currently 62% of small businesses are prepared to accept EMV chip cards in advance of the October 1 fraud liability deadline – a strong improvement from previous quarters. When asked why they will be ready, small business owners provided valuable insight, such as improved security, future-proofing their businesses, and already fully prepared with necessary hardware through ShopKeep and other providers.”

And yet, this is in direct contrast to an article appearing on the Consumerist website at the same time, which refers to a Wells Fargo report which took a different survey of more than 600 small business owners, and concludes “that more than half of those who accept point-of-sale card payments are unaware of the requirement to change to EMV chip card technology.”

The Wells Fargo report said that “business owners reported a variety of reasons for not making the shift by the October deadline:

  • 48% feel that upgrading their payment terminal will not impact their business.
  • 46% do not want to pay for the costs associated with upgrading.
  • 41% are not concerned about the liability shift in the case of fraud.”

“The survey findings show us that we have more work to do,” said Debra Rossi, head of Wells Fargo Merchant Services, in a statement. You, of course, can get started on the work right now, or better, keep up with the head start you already have courtesy of AVPS.

If you need to upgrade for EMV cards, add Visa Checkout to your webpage for an easier (and more secure) customer interface and purchasing experience, or anything else,   

As the ShopKeep report says, “The EMV transition also serves as a catalyst for merchants to upgrade their business technology to accept new and upcoming payment types, including contactless payments.”

Let AVPS help catalyze your fall, your holidays, and the seasons beyond that. Payment technologies will keep changing — and through it all,  we’ll be right here.

Submit a Comment Cancel reply

You must be logged in to post a comment.

Recent Posts:

  • Doing Business In A World With No Money
  • Big Business Eating Your Lunch? Beat Them on Customer Care
  • Help for the Holiday Chargeback Hangover
  • Getting CBD Payment Processors Approved
  • 6 Best Practices for Non -Profit Organizations in Setting Up Online Donations

Categories

  • ach
  • ach payments
  • AVP merchant solutions info
  • AVP Solutions Merchant Info
  • AVP Solutions News and Events
  • AVP Solutions Videos
  • business merchant services
  • card processing
  • check processing
  • credit card security
  • credit card service
  • credit card swiper
  • e-commerce merchant account
  • economic history
  • EMV Chip
  • Fintech
  • high risk accounts
  • high risk merchant accounts
  • holidays
  • merchant account companies
  • merchant account services
  • merchant account solutions
  • merchant cash funding
  • merchant services
  • merchant solutions
  • merchant websites
  • mobile phone credit card processing
  • mobile processing
  • online check services
  • online checking
  • online payment services
  • pay with checks
  • secure payment processing
  • Testimonials
  • virtual merchandizing

Archives

  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • January 2019
  • November 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • November 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
   American Verification Processing Solutions, LLC, Payment Processing Services, Canoga Park, CA
AVPS, LLC is a registered ISO/MSP of Central Bank of St. Louis, Clayton, MO

Address :6737 Variel Canoga Park, CA 91303

Phone : 1-800-719-9198
  • Blog
  • ISO Program
  • 818-657-3640
  • Email Us
  • Privacy Policy
  • Facebook
  • Twitter
  • Linkedin

Copyright © 2017 American Verification Processing Solutions, LLC - High risk merchants will not be boarded under TSYS