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Visa Push To Get SMBs On Board EMV

EMV adoption has faced resistance in the small business community — in large part because some merchants don’t feel the benefits of the technology outweigh the costs of adoption.

Regardless of how those merchants feel, the EMV liability shift goes into effect on Oct. 1. To help merchants address its questions and help small business owners who may not understand the technology and why it’s important, Visa has kicked off a 20-city tour to educate small businesses and consumers about EMV technology.

Know as the Small Business Chip Education Tour, it will begin in Austin, Texas, at the Greater Austin Hispanic Chamber of Commerce Small Business and Entrepreneurial Showcase, where guests will be able to speak with payments experts about payment and chip technology to better understand how it works. They will also be able to speak with merchants who’ve already migrated to the new tech to learn from firsthand experiences.

“Visa is supporting merchants and consumers through education to ensure a seamless transition to this new technology,” Ramon Martin, head of global merchant sales and solutions at Visa, said in a company news release about the event.

The tour will cover topics such as how EMV technology is used to prevent data breaches that involve sensitive account data being attacked. Demonstrations will also be given on how the technology works.

“For small businesses, running smoothly and protecting their customers is of top importance, particularly in the digital age,” said Javier Palomarez, the president and CEO of the U.S. Hispanic Chamber of Commerce. “At the U.S. Hispanic Chamber of Commerce, we are proud to partner with Visa to bring the Small Business Chip Education Tour to small business owners throughout the country, and will continue to inform our membership on the benefits of chip technology.”

To further its mission, Visa has used this event to partner with financial institutions, business groups, media organizations and consumer advocacy groups to create educational events across the U.S. This includes a stop in Orlando, Florida, on April 3. Webinars will also be available on the Visa’s chip website.

“As the largest segment of merchants in the U.S., it’s critical that small businesses understand how chip technology works and what it means to the protection of their business and the data of their customers,” Kim Lawrence, senior vice president of Corporate Initiatives at Visa, said in the news release. “This is a technology that has already been widely adopted in many markets, and has proven to significantly reduce the incidence of fraud at the physical point-of-sale.”

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Featured PYMNTS Study: 

With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.

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