October 23, 2015 --
By National Retail Federation,
A gift shop owner told Congress that making the change to chip-and-signature credit cards has been “overwhelming” for many small businesses and that owners are disappointed that without PINs they are being pressured to make an expensive investment without receiving the full level of security that could be provided.
“The EMV transition is overwhelming and expensive for an independent, small retailer,” Keith Lipert, owner of The Keith Lipert Gallery, a single-location, three-employee store in Washington, said. “Small retailers are entirely at the mercy and whims of the big players. We have no say and no way to use the marketplace to make our objections heard and our concerns valued.”
“EMV is all new to me, and banks and the networks are not contacting small businesses to help the transition in any way,” Lipert said. “No one from my bank, processor or existing supplier even contacted me about the need to add a new EMV device, let alone a deadline by which to do so.”
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