The deadline to become EMV-compliance has passed, with many merchants failing to comply. If you’re planning to skip the chip because your statement doesn’t show any chargebacks, you might want to reconsider. These chargebacks can take more than a month to reflect on your statement. Therefore, you may want to review your network reconciliation statement to check if you have any counterfeit fraud chargebacks in your account.

We hope that’s not the case. But we cannot guarantee that things will stay the same. Your unprotected gas station can rack up a large amount of financial liability, which can hurt your business’s bottom line. That’s the last thing you want — especially in today’s unpredictable business environment with shrinking profits. To paint you a clearer picture, let’s look at the consequences of EMV non-compliance for your gas station and c-store:

Chargebacks and fees

As mentioned above, your business is highly susceptible to chargebacks. The deadline of April 17, 2021, is over, which means the financial liability for fraudulent transactions has shifted to merchants. These chargebacks can cost you thousands of dollars per month. Some major oil brands are instating monthly fees for gas stations without chip card readers on the forecourt, so they may also incur an additional expense, reducing your profitability.

Reputation risk

Disgruntled, unsatisfied customers who incur fraudulent charges at your pump would never visit your gas station because of an unsecured payment process, which will further affect your revenue. Consumers prefer buying fuel from gas stations that accept chip cards, so the reputation of your gas station and c-store will be at tremendous risk.An unsecured payment system at your forecourt can lead to a decline in profits.

Prime target

Many gas stations have upgraded their systems — especially near the deadline — to avoid the financial liability of fraudulent transactions. Therefore, criminals are actively targeting gas stations without an EMV-compliant forecourt. Unfortunately, it’s quite easy to identify dispensers with weak security. So, if you plan to skip the chip, your gas stations will be a prime target for criminals to carry out a fraudulent transaction.

It’s not too late

Are you late in becoming EMV-compliant? Of course, the deadline has already over. But you’re not too late. You still have the time to embrace the EMV technology and protect your gas station from costly chargebacks. You mustn’t delay it more because once the gas stations start racking up chargebacks steam, there will be a significant rise in demand for these systems. So, you may encounter difficulty in finding the right solution for your pump in the future. Act now!

John W. Kennedy Company is an industry-leading store that provides high-quality EMV-compliant POS systems like Gilbarco’s Passport Point of Sale System. 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.