The EMV deadline of April 17, 2021, is over. If you haven’t upgraded your gas station and c-stores yet, now is the time. Many gas stations didn’t opt for EMV-compliant POS system due to misconceptions, which can hurt them financially overall. Let’s debunk five common misconceptions about EMV upgrades, so you don’t make the same mistake.
Misconception #1: Upgrading to EMV Technology Isn’t Necessary
That’s not true! The deadline of EMV compliance is over which means that gas stations and c-stores that don’t upgrade to EMV-compliance POS terminals will be liable for any fraudulent transaction at their site. The potential chargebacks far exceed the cost of upgrading to EMV technology.
Misconception #2: Gas Stations in Safe Area Must Not Worry About Upgrading to EMV Systems
Again, not true. Just because your gas station and c-store are in a safe location doesn’t mean that you shouldn’t worry about criminals using counterfeit magnetic stripe cards. In fact, fuel pumps still using outdated POS systems are prime targets of criminals looking to carry out fraudulent transactions.
Misconception #3: EMV Only Prevents Fraud with Chip And PIN.
Not true. EMV chip technology ensures dynamic data for every transaction to validate that customer is using a genuine card. Therefore, it helps prevent fraud related to chip and PIN as well as add an extra layer of protection against counterfeit card fraud. The technology protects users against lost and stolen card fraud.
Misconception #4: The EMV Deadline Will Be Revised Again
The final EMV deadline was October 1, 2020. VISA revised the deadline to April 17, 2021, due to the COVID-19 pandemic. However, it’s highly improbable that there will be another revision of the EMV deadline. Gas stations and c-stores are already exposed to financial liability for fraudulent transactions. They must upgrade right away to prevent costly chargebacks.
Misconception #5: Transitioning to EMV is simple
Switching to EMV technology isn’t as simple as you may think. Transitioning your gas station and c-store to EMV involves several complexities. Your payment ecosystem must undergo extensive testing and certification processes to ensure they meet EMV specifications. You need a technology partner to ensure the successful implementation of this technology.
John W. Kennedy Company is an industry-leading store that offers high-quality gas station products and EMV-compliant systems. We can help with equipment and financing options. Feel free to contact us at 1.800.238.1225 or email us with any further questions or place an order. We appreciate your business and continued support!
ALSO READ: If you’ve missed the EMV deadline, there’s still a way to get back on track.