American Express Fighting Fraud With Small Merchants - Card Issuers News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most 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

American Express Fighting Fraud With  Small Merchants
March
13
The content is accurate at the time of publication and is subject to change.

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.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

MasterCard Helps Small Businesses Moving Toward EMV Technology
MasterCard Helps Small Businesses Moving Toward EMV Technology

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
Apple Pay Comes to Amex Corporate Cards

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
New Business Card from Amex

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.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!