Today, EMV adoption among retailers has paced behind where the card brands would like it to be, and there’s little chance retailers will catch up to meet the October goal. Frankly, there are many small retailers (and their VARs) who aren’t concerned with the shift in liability because they feel the chances they will be breached are slim to none. While I’d argue that it’s better to be safe than sorry (truly, a breach for a small retailer will most likely result in catastrophic business-ending fines), I understand the hesitation. Cash-strapped retailers don’t exactly get excited at the notion of spending a lot of money on an IT upgrade that doesn’t have a tangible ROI.
Of course, once the big retailers have their EMV upgraded systems in place, it won’t be long before criminals target smaller retailers who haven’t upgraded. That could be the ROI right there: Not being targeted by the bad guys. Being able to focus on selling rather than worrying about credit card fraud. Staying in business.
There’s another interesting aspect to EMV that we can see if we look to our friends in Canada who’ve already gone through this upgrade process and are used to the enhanced security EMV provides. Today, Canadians don’t like shopping in America where our payment security is lax, chips aren’t being utilized, and they have to swipe their cards at a mag-stripe reader. There could be a trend in the United States whereby consumers avoid shopping at retailers who haven’t upgraded their security. It’s too soon to tell how this could play out, but all it would take would be a couple mainstream media stories or letters from the credit card companies before consumers would be afraid of shopping at places where EMV isn’t used.
All that said, EMV is just one part of the payment security equation, and VARs and ISVs need to have a holistic view of retail payment and data security. Within this guide, you’ll find a collection of articles researched and written to give you a quick primer on what you need to know. We’ve included an article that includes great advice on having the EMV conversation with your customers, as well as another article that explains in detail how you can use EMV as a springboard to sell related complementary technologies. Finally, we’ve included a special report on retail data security that includes some interesting research data and anecdotes from other VARs and ISVs in the field. Lastly, this guide is full of profiles from companies that have solutions to your payment needs. Whether it’s advanced capabilities, turnkey EMV solutions, or other security- related solutions, take a look at what each can offer to help your retail customers.
No matter what kind of VAR or ISV you think you are, no matter how different you think you are, or your customers are, payment security is an important topic that spans all customers who accept credit card payments. Make sure you’re giving security the focus and attention it deserves.