As many small business owner and entrepreneurs probably already know, October 15 is the date on which EMV liability standards will become universal. In an effort to make the transition a little smoother, Intuit is offering a mobile EMV reader for just $30 bucks. The reader is currently only available through pre-order, but this is expected to change in the upcoming months.
So, what programs are compatible with Intuit’s new EMV reader? In a statement made on Tuesday, Intuit said it will integrate sales transactions within Quickbooks Online and desktop Quickbooks, all though the GoPayment App. If you plan to use the EMV reader, you’ll need to download and use the GoPayment App on your smartphone. Support for the service will be announced at a later date, said a spokesperson for Intuit.
Intuit further added that just 42% of small business owners plan to transition to EMV technology. This begs the question: why aren’t they making the switch? One possible factor attributing to this trend is the simple fact that many small business owners have never even heard of EMV, let alone used it. In any case, the EMV liability date is coming, and small business owners need to make the switch.
EMV, which is essentially a new liability protocol, is a name derived from the combination of Europay, Mastercard and Visa. The purpose of EMV is to prevent credit/debit card fraud by implementing new security features. We’ve seen a disturbing uptick in cybersecurity attacks as of late — something Intuit hopes to reduce by launching its new EMV reader. It will in essence bolster the security features already existing in users’ cards, such as the magnetic strips.
“The biggest barriers for small businesses to become EMV-compliant are cost and lack of time or resources required to research terminals,” said Inuit’s Eric Dunn, who is the company’s senior vice president of payments and commerce solutions. “We want them to know we’re beside them on this journey to a more secure payments infrastructure, and are providing an affordable solution as well as equipping them with resources to ease any burdens.“
What do you think of Intuit’s new EMV reader?