Gas station owners have had a big deadline looming over their heads for many years. By April 2021, the liability for fraudulent transactions perpetrated at fuel pumps and convenience stores will fall on merchants who don’t use EMV-compliant systems for card transactions.
The date was recently shifted from October 2020, providing merchants more time to become EMV-compliant. Gas station owners must protect themselves. Why do EMV compliance deadlines keep changing? Let’s find out.
Why Do EMV Compliance Deadlines Keep Changing?
The first EMV deadline for gas stations and convenience stores was 2015. More precisely, card issues put a liability shift deadline in place for October 1, 2015. However, many merchants experienced difficulty in shifting to EMV-compliant systems due to financial constraints and many technical factors.
The new deadline was shifted to October 1, 2017. However, as the deadline date approached, many gas station and c-store owners continued to face difficulties meeting it for various reasons. Therefore, they extended the deadline for three additional years.
The revised deadline was October 1, 2020, which was supposed to be the final deadline. However, the outbreak of COVID-19 presented numerous financial and logistical issues, making it extremely challenging for gas station owners to meet the deadline. After several weeks of consideration, VIAS reset the deadline to April 17, 2021.
To avoid any confusion, the timeline of the EMV deadline is as follows:
- October 1, 2015: First deadline
- October 1, 2017: Delayed deadline
- October 1, 2020: Delayed deadline
- April 17, 2021: Current Deadline
EMV Security Features
The EMV technology makes it virtually impossible for scammers to carry out fraudulent transactions. The EMV chip encrypts the card information sent to the issuer and automates card verification. Unlike magnetic-stripe cards, EMV cards don’t contain static data that can be stolen through card skimming devices.
As EMV chips uniquely encrypt the data at every transaction, the chances of fraudulent transactions drop significantly, protecting customers and financial institutions that suffered billions in losses due to card fraud.
Non-compliance can be costly
Gas station and c-store owners have the final opportunity to upgrade to an EMV-enabled system to avoid exposing themselves to financial liability. Merchants that continue using old systems will be responsible for fraudulent transactions that take place in their facility, which could seriously hurt their profitability.
Please do not hesitate to contact us with any of your EMV questions, concerns or to place an order. Calling 1.800.451.4021 or visit us online at www.johnwkennedyco.com for all your petroleum equipment needs. The John W. Kennedy Company appreciates your business and continued support!