The following is a re-post of the original article by Gilbarco Veeder-Root that can be read here.
Businesses that go without EMV on their forecourts should expect damaging monthly losses and no site is immune, according to a new fraud report.
Even relatively small gas station operators can now expect ‘tens of thousands of dollars’ in fraud losses monthly for each station once the EMV liability shift goes into effect in April 2021.
We have previously detailed the painful process of getting hit with a chargeback and the criminal system in which fuel thieves operate. These new numbers mirror the harsh reality of waiting to upgrade or skipping it altogether.
Via Digital Transactions:
In an example offered by Mercator, an operator with 12 locations spread evenly among areas deemed be low-, medium-, and high-risk, would face fraud liability totaling $17,315 per store over 12 months, or $207,783 overall. “This could change dramatically depending on the risk position of each station, and it should be noted that Mercator’s calculation takes a decidedly conservative approach,” said Tim Sloane, vice president of payments innovation at Marlborough, Mass.-based Mercator, in a statement.
The new outdoor EMV deadline will be April 17, 2021. If you haven’t begun your outdoor EMV upgrade, we strongly suggest contacting us as soon as possible at 1.800.451.4021.
Looking for Gilbarco equipment? Click on the links below to visit our web store :
|Pumps & Dispensers
|Passport Point of Sale
|Forecourt Payment Options
Please do not hesitate to contact us with any of your EMV questions, concerns or to place an order by calling 1.800.451.4021 or visit us online at johnwkennedyco.com for all your petroleum equipment needs.
The John W. Kennedy Company appreciates your business and continued support!