The nation’s retailers bear a huge share of the burden of converting to more secure chip card technology, even as banks have been shipping updated chip credit and debit cards to millions of customers for months.

On Thursday, retailers of all sizes must have inew payment terminals installed in their stores, restaurants and hotels. If they don’t meet the Oct. 1 deadline set by banks and card companies, they will then incur all the financial liability for fraud with cards using older magnetic stripe technology.

Yet, only about half of the nation’s 12 million payment terminals will be upgraded by Thursday, according to analysts and financial experts. With new payment terminals costing up to $ 600 apiece, it has been a massive and expensive conversion.

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