Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Card Issuers » American Express Fighting Fraud With Small Merchants

American Express Fighting Fraud With Small Merchants

By
Add to Favorites:
American Express Fighting Fraud With  Small Merchants
March
13

Cyber security is on everyone’s mind these days, and to ramp up for the launch of the new EMV technology designed to help make using credit and debit cards safer for consumers and businesses, American Express has rolled out its Small Merchant EMV Assistance Program.

This is a nationwide reimbursement program with a war chest containing $10 million to fight fraud. It also includes a program intended to speed up the adoption of EMV payment terminals by small businesses. The campaign will also educate merchants about the security benefits of EMV technology, something American Express believes is necessary to make the initiative a success.

“Unfortunately, many small merchants do not know about EMV or what they need to do to take advantage of it. We created the Small Merchant EMV Assistance Program to help them. By providing financial and educational assistance, we hope small merchants more quickly adopt EMV so they can ensure their customers feel safe when shopping at their stores.” said Anré Williams, President, Global Merchant Services, American Express.

As of October 2015, merchants in the U.S who experience certain kinds of point-of-sale fraud and do not use EMV-enabled payment terminals will be held liable for costs.

To expedite their conversion small businesses can request a one-time $100 reimbursement from American Express once they have upgraded to an EMV terminal. In order to qualify for the reimbursement, which is issued as a $100 American Express gift card. U.S. merchants must have less than $3 million in American Express charges annually and submit their request before April 30, 2015.

Additional information is available via the website.

Small Merchants worry about fraud says study

More than two thirds (67%) of small merchants felt that payment-card fraud prevention was a very important part of running their business, according to the American Express EMV Preparedness Survey.

A little over half (52%) of respondents felt that they had more to fear from cyber criminals than their larger counterparts. Why? The reason was simple –larger companies had greater access to experts and more money to invest in prevention.

Yet even with these concerns more than a third were on the fence about converting to EMV payment terminals, or weren’t planning on doing it at all, with more than half of that number citing the cost of conversion as the reason.

The American Express EMV Preparedness Survey was conducted from October 7–14, 2014. The online survey queried 500 owners/managers of U.S. small businesses with an overall charge volume of less than $3 million in the U.S.

Add to Favorites:

Related News:

MasterCard Helps Small Businesses Moving Toward EMV Technology

By Dar Dowling, Posted: May 08, 2015

MasterCard has rolled out its 360° campaign designed to give small businesses a leg up when it comes to preparing for the EMV and chip card technology conversion. Continue reading
Apple Pay Comes to Amex Corporate Cards

By Dar Dowling, Posted: September 04, 2015

Corporate American Express cardholders can now use Apple Pay, so they can pay with purchases when they are on the go with their Apple devices, whether an iPhone, iPad or Apple Watch. This new option is only available for U.S. corporate ... Continue reading
New Business Card from Amex

By Dar Dowling, Posted: February 02, 2016

American Express OPEN now has a new card in their lineup – the SimplyCash Plus Business Credit Card, offering small businesses up to 5% cash back on key purchases. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
1% cash back on select purchases, terms apply
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit