U.S. small businesses have been slow to adopt EMV technology. To help ease the transition, American Express has introduced the Small Merchant EMV Assistance Program.
To recap, EMV cards, or ‘chip-and-PIN’ cards, are set to replace antiquated magnetic stripe reader (MSR) card technology by October 2015. Instead of being swiped like current cards, EMV cards are inserted into a slot where POS machines will read a microchip.
EMV card technology is predicted to account for at least a 30% decline in fraud. Still, for small businesses, adoption of the new technology presents a challenge. The American Express program grants small businesses $100 to help offset the cost of upgrading to EMV card readers.
If your businesses can prove that you processed under $3 million in annual American Express charges, you can apply to receive the subsidy until April 30. All you need to do is submit proof of payment and an American Express merchant number after upgrading POS systems.
The Small Merchant EMV Assistance Program also aims to educate business merchants about the benefits of EMV and best practices to avoid fraud. Eligible merchants need only to complete this process to join the program.
If you’d like to know more about EMV technology and how the upcoming changes may affect your business, we are here to help.
Reach us at 800.277.6990 or by email, email@example.com