Gallup: Many Small Businesses Unaware of Pending EMV Liability Shift
Monday, August 10th, 2015
Despite the serious consequences for small-business owners if they don't follow new rules that take effect this fall for credit cards, the latest Wells Fargo/Gallup Small Business Index survey finds that only 32% of owners are aware of the pending changes.
The new set of credit card liability rules for businesses will take effect in October. These rules specify that businesses that do not upgrade to credit card equipment that can read new, chip-enabled credit cards will be liable for fraud and security breaches.