Intuit to Educate and Help SMBs Prepare for EMV Switch With New Tools
For retailers of all sizes it’s one of the biggest changes many have ever faced: the switch from the magnetic stripe credit card to the Europay, MasterCard, and Visa (EMV) standard.
It’s a huge change, and for those businesses that aren’t ready for the switch there can be a big blow to operations in the form of new liability taken on in the event of theft. That’s why companies like Intuit are working hard to bring out new tools to help companies cope with the next generation of cards.
Intuit, in collaboration with Ebiquity, conducted a survey of merchants and found that fewer than half of small businesses—just 42 percent—are planning to make the switch from magnetic stripe to EMV.
Additionally, 42 percent of small business owners haven’t even heard of the upcoming October liability shift deadline, a point that really doesn’t help matters.
Indeed, there are plenty of other reasons why a shift isn’t planned; 58 percent of small businesses have higher sales transactions with credit card use, but 57 percent report the costs of new terminals and readers as the main reason why a transition isn’t planned. But just to drive the point home, the problem is bigger than may be expected: 86 percent of small business owners who either won’t migrate or are undecided, may not be able to handle the liabilities that come with fraudulent card transactions.
With the new QuickBooks Mobile EMV Card Reader from Intuit, it becomes easier to make that change. Designed to work with several QuickBooks products including QuickBooks Online and QuickBooks Desktop, the device is said to be easy to set up and operate as well as carry around. Other devices will come into play later on, but for now, this one should do the job for most small business users.
Given that the Mobile EMV Card Reader can be pre-ordered for just $30, that increases the chances that users will make the jump, and a cost-effective solution lowers the barrier of entry to be compliant for the shift.
Since it already works with several QuickBooks systems—which companies are likely already putting to work anyway—it should be a particular draw, one that other companies may not even be able to match. That gives Intuit a clear advantage, and one that could prove valuable.
According to Ralph Matlack, Director of Product Management, and Jason Pugh, Head of Product at Intuit, merchant education is critical. “It’s all about education. There’s a lot of confusion around EMV and we’re taking the approach to actively reach out to our customers and make them aware of the change in liability. The Small Business Resource Center is designed to demystify EMV, educate our customers, and arm them with facts. We suspect as the change in liability approaches we’ll see a lot education also happening via word of mouth.”