If we had a nickel for every time we highlighted the importance of EMV adoption for gas stations; we’d save enough money to fund a complete EMV-enabled POS and fuel station system. Perhaps that’s an exaggeration, but what’s accurate and correct is that the EMV deadline is looming as we’re a month shy from entering 2021.
It’s positive to see that EMV adoption is gaining traction. According to a new survey, gas stations and c-stores are making steady progress to become compliant. However, still, a large percentage of businesses are yet to follow suit. April 2021 is right around the corner, so the main question is: are you prepared?
EMV technology
EMV, short for Europay, MasterCard, and Visa, is the latest technology used to carry out financial transactions via debit, credit, and prepaid cards with an EMV-chip. It uses a smart chip rather than a magnetic stripe for data storage, resulting in higher security. The EMV chips offer more sophisticated authentication that virtually eliminates the chances of cloning and fraud.
The microchip in EMV cards generates a unique code at each transaction that can’t be reused for future transactions. The PIN input requirement further adds an extra layer of security, ensuring only authenticated purchases can be made. Moreover, EMV cards offer global interoperability to facilitate secure cards and mobile payments.
READ: “Think Beyond the Deadline”: 5 Tips for Retailers Navigating the New EMV Deadline
EMV liability shift
The deadline for liability shift in the United States recently moved from October 1, 2020, to April 17, 2021. Owing to the workforce and supply chain disruption caused by the global pandemic,Visa agreed to provide an extra six months to gas stations and c-stores to become compliant and protect their financial interests.
Once the EMV liability shift deadline is over, the financial liability for any fraudulent transaction will shift on the merchant. The EMV compliance is not mandated by law, but it comes with many benefits, including reduced exposure to risk, making it critical for gas stations and c-store owners to upgrade their payment terminals to accept chip payments.
Are you prepared?
The EMV deadline for gas stations is only a few months away. The ideal time to become compliant was six months ago, but there’s still enough time to get started and upgrade your pump and POS-systems to EMV and protect your business from excessive liability. You should start exploring your options before it it’s too late.
Gilbarco’s EMV-enabled Point-of-Sale and software are currently available at John W. Kennedy Company. We’re a leading company that offers petroleum equipment and supplies from the top brands at highly competitive rates. Place an order today! Visit our website to find out more about our EMV solution.