The following article has been reproduced from the CStore Decisions article, Upgrading to EMV? It’s Later Than You Think, written by that appeared online on
Panel experts warn that now is the time to start the long process of upgrading your pumps to EMV standards.
The EMV liability shift as it has come to be known as will take place on October 1, 2020. This deadline is when fuel retailers will have to install or upgrade their locations with the more secure chip card reader technology that uses cryptography to keep credit card information safe and prevent fraud.
This deadline will create a major liability shift from the card-issuing banks to pushing nearly all credit card fraud to retailers who do not upgrade their pumps to the new, more secure technology.
And for those not familiar with EMV, it’s an actual company, EMVCo. that stands for Europay, MasterCard and Visa. It was formed by those credit card issuing banks; American Express, Discover, JCB, Mastercard, UnionPay and Visa to address fraud prevention within the industry with the result being the chip card that most consumers have already been using inside the c-store and other retail environments.
And while the deadline has been extended once already, for those retailers undecided about whether to upgrade or not, it looms just over a year away!
Session panelist and Folk Oil Vice President Jim Linton warned those reluctant retailers it’s later than they think, warning that lead times for upgrading current dispensers could take as much as six months! Linton should know as Folk Oil has updated 100% of its pumps at all 35 of its multi-branded locations. He’s seen many of the things that can go wrong and delay the process.
Linda Toth, director of standards for non-profit c-store and petroleum market technology advocate Conexxus, said a study by her group found that 58% of retailers who have yet to upgrade believe they won’t make the liability shift deadline. And 25% said they have no idea when they’ll upgrade.
If you haven’t upgraded yet, your biggest question is: Is it worth it to upgrade? We at the Kennedy Company agree with this panel’s findings; yes, it most certainly is! If you have the “wait and see” attitude, you will find it will be much tougher to get the necessary equipment and skilled technicians to perform the needed upgrades as we get closer to the deadline and AFTER the deadline, YOU – THE RETAILER will be responsible for pretty much all the fraud payback!
Also, the longer retailers wait, the more difficult and costly it will get to upgrade and if your reluctance to upgrade causes you to miss the deadline altogether, there is a very strong likelihood fraud payback charges will be far more costly than the upgrade itself!
If you haven’t upgraded your location(s) to EMV yet, looking to stay ahead in the game and would like to upgrade today, contact us at 1.800.451.4021.
The John W. Kennedy Company appreciates your business and continued support!
