I attended the 2015 NRF BIG Show in New York a few weeks ago, and while retailers made up the bulk of the 33,000 attendees, solutions providers and industry professionals alike filled the halls of the Javits Center to learn more about the various topics facing retailers today. Chief among those topics — EMV adoption — also affects hospitality. Here’s a recap of a session we attended that provides insight into what small to midsize retailers can expect from EMV. I think you’ll find it helpful as the October deadline approaches.
Indeed, the Big !deas session, Ready Or Not, Here Comes EMV — What Small Merchants Should Expect, here’s a recap. Moderated by Tom Pojero, head of U.S. Merchant Acquisition, panelists David Hogan, executive director, Heartland Payment Systems; Norm Merritt, president and co-CEO, ShopKeep; and Rod Hometh, SVP, market development, Ingenico Group delivered insightful commentary on the lack of EMV knowledge among SMRs.
Merritt explained that SMRs are aware of fraud issues, but only 40% understand EMV. Further, SMRs need to be educated on network security, not just EMV. He believes the biggest reason for this disconnect is time; SMRs are too focused on the day-to-day operations of their business that they don’t have time (or money) to wrap their heads around credit card fraud and security. SMRs can’t afford to hire a CIO or a pay a consulting fee, so VARs are a great option for them.
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