With the Oct. 1 EMV deadline just about to hit, shoe stores are top among the retail categories that are prepared—69 percent have EMV-ready terminals in place at the point of sale.
In second place, 59 percent of department stores are ready for the mandate, according to data released by The Strawhecker Group.
Less prepared categories are stationery stores and book stores, both 23 percent and 24 percent EMV-ready, respectively.
"It makes sense that certain retail merchant types are more ready than others for the liability shift, as some are much more likely to potentially see fraudulent transactions," said Mike Strawhecker, principal at The Strawhecker Group. "While many retailers have not yet upgraded their terminals, big-box merchants such as Walmart and Target are ready for Oct. 1."
EMV, which stands for Europay, MasterCard and Visa, is a globally accepted standard that uses an embedded microchip to provide data protection when the card is inserted into a chip-card reader. Card-accepting retailers may be liable for fraudulent transactions if they are not set up for EMV transactions by the Oct. 1 deadline.
"Come Oct. 1, unprepared merchants may be in for a rude awakening as they realize they are now liable for fraudulent transactions that occur at the point of sale. Many merchants, especially those that are more prone to counterfeit and lost and stolen card fraud, will be scrambling after the liability shift for the next 12 to 18 months to upgrade terminal equipment and software," said Jared Drieling, The Strawhecker Group's business intelligence manager.
On the consumer side, many shoppers are also not prepared for the EMV switch. Fifty-nine percent of consumers have not yet received their chip-enabled credit or debit cards, according to ACI Worldwide's EMV Readiness Survey.
-See this press release from The Strawhecker Group
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