Chip Cards Coming: How Small Businesses Can Prepare
June 02 2015 - 8:30AM
Business Wire
Intuit QuickBooks Launches Cost-effective
Mobile EMV Reader to Help Merchants Switch, Avoid Liability for
Fraud
When it comes to accepting credit and debit cards, the chips are
down for small businesses. In October, they must be prepared to
accept the next generation of plastic – with embedded smart chips –
or be responsible for fraudulent card-present transactions that
occur when customers are using chip cards.
The new liability standard is called EMV – shorthand for
Europay, MasterCard and Visa – and is designed to cut down on
fraud, by enhancing the security already enabled by the traditional
magnetic stripe on the back of the card, with the addition of a
unique identifier for each transaction. Yet with the deadline
approaching, “Small Business Adoption of EMV Technology,” a new
research report commissioned by Intuit Inc. (Nasdaq:INTU), has
found that only 42 percent of small businesses currently plan to
make the switch.
To help them through the process, Intuit is offering the
QuickBooks Mobile EMV Card Reader, now available for pre-order. The
device is easy to set up, small enough to carry and seamlessly
integrates sales transactions within QuickBooks Online, as well as
with QuickBooks Desktop using the QuickBooks GoPayment app. The
company will announce additional EMV-compatible solutions for
select versions of QuickBooks Desktop and QuickBooks Point of Sale
at a later date.
“The biggest barriers for small businesses to become
EMV-compliant are cost and lack of time or resources required to
research terminals,” said Eric Dunn, Intuit's senior vice president
for payments and commerce solutions. “We want them to know we’re
beside them on this journey to a more secure payments
infrastructure, and are providing an affordable solution as well as
equipping them with resources to ease any burdens.”
EMV Awareness Low
Intuit surveyed small business owners to get their perspectives
on EMV technology and the upcoming liability shift. The research
report, conducted by Ebiquity, found that:
- 42 percent of small business owners
have not heard of the EMV liability shift deadline.
- 58 percent of small businesses have
higher sales transactions when customers pay with a credit
card.
- 57 percent of respondents cited the
cost of a new terminal or reader as the top reason keeping them
from planning or upgrading to an EMV-compatible solution.
- 85 percent of small business owners who
will not migrate, or are undecided, are unaware of the financial
and legal liabilities they will be responsible for starting in
October.
- 86 percent of small business owners who
will not migrate, or are undecided, may not be able to handle the
financial and legal liabilities of fraudulent card
transactions.
To ensure increased fraud protection from counterfeit, lost or
stolen cards and prevent personal liabilities, businesses can take
the first step to becoming EMV-compliant by pre-ordering QuickBooks
Mobile EMV Card Reader for $30 today.
For more information and resources – including a step-by-step
guide to EMV migration and quiz to test EMV business preparedness –
visit QuickBooks’ Small Business Center.
Survey Methodology
The research report is based on an online multiple-choice
questionnaire, administered to 504 U.S. small businesses, at the
owner or manager level, with 1-100 employees. The survey was
fielded by Ebiquity from April 22-27, 2015; all respondents accept
credit cards through mobile swipers and/or physical point of sale
terminals.
About Intuit Inc.
Intuit Inc. creates business and financial management solutions
that simplify the business of life for small businesses, consumers
and accounting professionals.
Its flagship products and services
include QuickBooks®, Quicken® and TurboTax®, which make
it easier to manage small businesses and payroll
processing, personal finance, and tax preparation and
filing. Mint.com provides a fresh, easy and intelligent
way for people to manage their money, while Demandforce® offers
marketing and communication tools for small businesses. ProSeries®
and Lacerte® are Intuit's leading tax preparation offerings
for professional accountants.
Founded in 1983, Intuit had revenue of $4.5 billion in its
fiscal year 2014. The company has approximately 8,000 employees
with major offices in the United States, Canada,
the United Kingdom, India and other locations. More
information can be found at www.intuit.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150602005795/en/
Intuit Inc.Sarah Voros,
650-944-4385sarah_voros@intuit.comorAccess CommunicationsJen
Garcia, 415-844-6244jgarcia@accesspr.com
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