House Small Business Committee To Examine Small Retailers' Preparedness for Shift to Chip Payment System

The House Small Business Committee set a hearing for Wednesday on the effects on small businesses of the de facto October deadline for retailers to shift to the Europay, MasterCard and Visa (EMV) chip payment system. Credit card companies are beginning this month to enforce the “liability shift” on retailers to convert to EMV technology (see report in the Sept. 22, 2014, issue). Many small businesses remain “unprepared” for the shift to EMV, potentially making them “liable for certain incidents of fraud,” House Small Business said. Electronic Transactions Associations Senior Vice President-Government Affairs Scott Everett Talbott and executives from Visa and other financial institutions are to testify. The hearing is to begin at 11 a.m. in 2360 Rayburn.