Although they are responsible for any credit card fraud occurring at their place of business, merchants have been very slow to adopt the new technology.
A Lack of Buy-In
Retailers aren't buying into the need for the switch, either, according to the Software Advice study. Nearly a quarter of respondents said EMV compliance is unnecessary, and another 10 percent were totally in the dark about the EMV standard. "Some believe that the potential amount of chargebacks that they could be responsible for is miniscule, but as more and more retailers become compliant, the pool of retailers who leave themselves open to risk will inevitably grow," said Guinn.