Small business retailers testified before Congress this week to express their displeasure with a mandate to provide devices that will accept new EMV credit cards.
The new cards contain a microchip designed to prevent fraud, but many retailers are scoffing at the cost of installing new equipment designed to read the cards at the point of sale.
The financial industry is seeking to remove some of the liability for preventing fraud, while retailers contend they’re already paying for fraud prevention through the interchange fees they pay to banks and credit card companies for processing transactions.
