In the United States, the deadline for fuel merchants to upgrade their gas stations to accept EMV card payments was April 17, 2021. The date for complying with the EMV global standard at the pump stations had previously seen several extensions. Fuel merchants were given a substantial amount of time to comply with the latest EMV standard for upgrading their systems to accept payment at their pumps through EMV credit and debit cards. Many fuel merchants were still hopeful of a last-minute extension on the April 2021 deadline. However, that was not to be.
For non-compliant gas stations, the owners will be liable for any fraudulent transactions associated with card payments. The entire liability for card payment frauds happening at their pumps will have to be borne by them. Gas stations that are not EMV compliant are likely to witness a surge in the number of fraudulent activities like hacking, skimming, data theft, and security breach related to their non-EMV compliant payment systems as criminals pinpoint the vulnerable locations to target. According to an estimate by VISA, embracing EMV technology resulted in a 76 percent decline in fraudulent transactions between September 2015 and December 2018.
EMV stands for Europay, Mastercard, and Visa. When it comes to credit and debit card transactions, the EMV technology adopted by the three major players in the card network business has become a security standard worldwide.
EMV technology reads the chip on the card rather than the magnetic stripe. EMV provides a much safer payment environment and is highly secure too. When gas stations follow EMV Compliance, they protect the highly confidential and sensitive information of customers.
The use of EMV technology reduces the risk of skimming activity which is something that happens fairly regularly at gas stations with pay-at-pump facilities.
While the cost of upgrading equipment for EMV compliance can be high, if fuel merchants do not upgrade their pumping stations as per EMV Compliance, it can cost them a lot of money. According to a prediction by Conexxus, the liability of a non-EMV Compliant store will increase from $ 1,700 (Q4 of 2020) to a whopping $ 10,635 (Q4 of 2022). If payment is made from a stolen card on the payment terminal of a non-EMV compliant gas station, the business owner is responsible for the fraudulent transaction. The fuel merchant has to pay the entire amount to the cardholder and bear the transaction charges. Apart from this, there are other penalties as well and the brand and reputation of the gas station are also at risk.
For EMV Compliance, each gas station is different due to the present equipment and configuration. For those gas stations where the pump is very old, the entire pump may need to be replaced. This can prove to be really expensive. On the other hand, in relatively new gas stations, the pump equipment can be easily upgraded. The POS terminal plus software needs to be upgraded as per the EMV standard.
Have you missed the EMV Compliance deadline? Don’t worry. PumpTex can still arrange the necessary equipment upgrade for your gas station to make it EMV Compliant as soon as possible. Call today and discuss your needs.
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