By 2006 everyone who has a credit card will have a Chip & Pin card and will expect to type their pin number rather than signing a receipt when they purchase goods. All major multiples will be equipped with the technology to read the new cards. But where will the independent retailers be?
This is not just a case of Big Brother bullying everyone to follow the chosen route. This time there is a good reason to follow the crowd. It is expected that hardened fraudsters will be displaced downward from their usual hunting ground – the big stores – and will start preying on the smaller independents that have been slow to adopt the new high security systems.
The technology is expected to reduce fraud by 50% but it will not eliminate it as long as some traders continue to use outmoded systems.
Not only will small traders suffer the impact of more villains visiting their stores but they will also suffer the cold shoulder from their bank if they have not adopted Chip & Pin.
Until now the banks and financial institutions have taken the brunt of the cost of fraud. These organisations will not continue to cushion their customers if they refuse to adopt the new technology.
So small retailers who do not fall in line may find themselves isolated and suffering. To ensure that your organisation does not fall into this demise book your place at the Retail Revolution event on Increasing Retail Profitability on 27 April at the Dome. And find out how to protect your income.
For further information contact Soozie@mmp.co.uk
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