More than half of the small businesses who do not intend to switch cited the cost of a new point-of-sale terminal as their primary barrier, while around a quarter said that the time necessary to research the tech and educate their employees was stopping them from moving forward.
However, according to Intuit, 85 percent of those small businesses said that they didn't know about the liabilities they'll be taking on, and 86 percent said that they might not be able to handle them.
Sally Cook, owner of Heirloom Bakery in South Pasadena, California, said she hadn't known about the liabilities her business will be taking on in October. Cook switched her business over to a new EMV-capable system called Clover a few months ago because it saved money on credit card processing, and learned about chip cards in the process.
"When they came and pitched the product, they informed me that there were some changes that needed to take place and they were already in place on the Clover system," Cook said. "I do know that there was a shift in terms of how certain things would be processed that we would need to comply with, I think, by the end of this year. At that point we would have to have everything in place, and that was another reason we were happy to switch over."
However, even with smart-chip capabilities, Heirloom has been processing EMV cards using their magnetic stripe.
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