EMV compliance requires all businesses to upgrade their point-of-sale systems to be able to process cards with EMV chips. If you fail to do so, your business will become liable for credit card fraud committed via your POS. Initially, fuel dispensers had a deadline in October 2020, but due to Coronavirus delays, this has been extended to April 2021.
Fun Fact! Did you know that EMV is NOT an acronym? It merely stands for Europay, Mastercard, and Visa – the three companies that pioneered the payment method!
Instead of swiping the metallic stripe on the back of a card, EMV cards have chips that are dipped into the reader to generate a one-time transaction code for every transaction. Since the codes change for every transaction, the information is useless if the card is copied since the one-time transaction code will already have been used. Statistics from Visa show that credit card counterfeit fraud decreased by 70% during the first two years after EMV was introduced. It is easy to see why EMV compliance is such a good idea.
When the EMV Compliance deadline is reached on April 17, 2021, gas station owners will become liable for chargebacks on fraudulent transactions if they have not upgraded to EMV payment systems at their location. At present, credit card issuers shoulder that responsibility.
EMV compliance is not something that the majority of fuel retailers can afford to ignore. However, with the six-month extension to the deadline, many have become complacent, thinking that it means they have plenty of time to get the required upgrades in place. In reality, this is no time to lose focus on achieving EMV compliance. When you take into consideration the time needed for site surveys and the leas time on the necessary equipment, it can take a few months to complete an EMV upgrade. As the deadline begins to draw closer, there is likely to be a flurry of business owners scrambling to make the deadline, resulting in delays in the supply chain for the necessary fuel dispensers. It is better to start making plans to book your EMV upgrade as soon as possible.
If you need to upgrade your equipment for EMV, call Pumptex for more information today at 888-906-PUMP.
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