I want to circle back and share an update with you on what we have been experiencing since the October shift in liability so that you might have an idea of where you fit in the process.
Thirty seven percent of U.S. merchant locations are fully equipped for EMV card acceptance, narrowly missing a projected 40% rate of deployment predicted by management consulting firm Strawhecker Group, according to recently published research.
Wind River definitely experienced the push in countertop terminal purchases late last fall in anticipation of the October 1, 2015 start date of the liability shift. That was quite a challenge as suppliers struggled to keep up with the demand!
Our counter top sales continue to be brisk as those clients who had decided to wait until after the holiday crush are converting. Many clients are also finding that their older terminals will “end of life” and no longer be supported with help desk assistance and software updates as suppliers are focusing their resources on newer secure EMV compliant terminals. Opting to avoid a crisis situation, they are purchasing now.
We agree, now is a great time to purchase a new EMV counter top card ready terminal. Chip cards are becoming pretty prevalent as you may have noticed from your customers. Also, as mentioned in a previous blog, these new terminals will also allow you to easily accept payment from your customers who are using their mobile wallet in their smartphone. We are offering installment purchase payments over three months which even makes it easier on your wallet.
While counter top terminals are being deployed now, EMV migration has been slower for integrated POS systems and equipment suppliers that support those systems are still working through EMV development and certification testing. We are watching the pipeline of certifications almost daily and are in contact with our clients to help them navigate the path forward. We want to be a resource to you and your POS vendor as this process continues to unfold, so don’t hesitate to contact us.
We realize this is a transition for everyone and we want to be supportive. It is an honor being a resource to you when it comes to this part of your business. Let us relieve your worry, offer you solutions and assist you in serving your customers’ payment needs.
Client Care Team
info@WindRiverFinancial.com or 800-704-7253 option 4.