Tick tock… tick tock… tick tock!
The clock is ticking. The EMV deadline at the pump is October 2020, which means gas stations have less than six months to comply with the EMV standard. Fuel stations that don’t become compliant will assume liability for payment card fraud that takes place at their facility.
Hence, gas stations are looking to upgrade their facility to accept chip-enabled debit and credit cards. Unfortunately, the recent epidemic (read: COVID-19) has made it more difficult for gas station owners.
Let’s find out more!
What is EMV technology?
EMV—which stands for EuroPay, Mastercard, and Visa—is a technology to authenticate chip-card transactions. It has become a global standard for smart payment cards as it protects consumers and virtually eliminates the risk of credit card frauds.
How does it work?
EMV technology provides a secure and protected channel to carry out credit card transactions. Unlike magnetic-stripe cards, chip-enabled cards generate a unique code every for every transaction, which makes stolen transaction numbers useless.
Why is it important?
EMV standard has significantly reduced fraud in the United States, which became prevalent over the past few years. Fuel pumps are the only facilities that were given an extension until October 2020, which is looming right around the corner.
Hence, hackers and perpetrators have shifted their focus on c-stores and gas stations who are using outdated POS terminals to steal sensitive credit card information of customers to carry out fraudulent transactions.
Is COVID-19 going to push the dates any further?
Currently, there’s no announcement that there will be any further extension in the deadline due to COVID-19. And the chances of any further delay are likely to be very slim because the existing deadline gave more than three years to gas stations to become compliant.
Hence, it’s in the best interests of gas stations to start exploring their options. The sooner they become EMV complaint, the better. Mark your calendar: October 1, 2020. The clock is ticking—better hurry up before it’s too late!
If you want to become EMV compliant, John W. Kennedy Company can help! Located in East Providence, R.I., we specialize in the sale of gas stations and fuel equipment supplies, including the latest POS solutions. We’re authorized to sell genuine Gilbarco products nationwide and can help your gas station meet the EMV deadline.
Call at 1 800 238 1225 to find out more!