EMV Upgrades
For over 60 years, MECO has proudly served clients all over the state of Georgia with their petroleum equipment needs. Over the past several years, we have assisted our clients with their EMV transitions and upgrades to ensure safety and compliance at your site.
EMV, an abbreviation for Europa, Mastercard and Vista, refers to cards and payments that utilize the computer chip on the front of cards to transmit data to the card reader versus using the magnetic strip on the back of the card. The technology within these chip cards greatly enhances the security of credit card payments. EMV technology has become the global standard, as it increases security, decreases fraud, and protects credit card holders’ security.
Urgency
Major credit card companies will be instituting a Fraud Liability Shift over the next few years. Liability of fraud will be transferred to C-store retailers for point of sale systems on October 1st, 2017 and for fuel dispensers on October 1st, 2020. If the fraud grows over a certain amount, you could even be held liable before these deadlines officially kick in.
Fuel stations account for a sizable percentage of counterfeit fraud each year. As more and more retailers switch to these updated EMV security measures, fuel stations and gas pumps could become a bigger and bigger target if they have not upgrades to fuel pumps that can read chip cards.
It is important that you begin the process of making these upgrades to ensure you are compliant and protected. As the timeline closes in, keep in mind that waiting until last minute could cause issues. In many cases, this isn’t always a simple fix.
Save Money by Upgrading Now
By upgrading this year instead of delaying until the deadline, you may save money in the long-run and help pay off your investment sooner. Why? New pumps usually increase your profit volume due to less downtime and the desire of customers to use the latest equipment. Inflation between now and 2020 could also impact your purchase price. With interest rates and equipment prices on the rise, now may be the best time to buy.
Gilbarco projects that upgrading your equipment in 2018 could improve your profit greatly while other competitors delay until the deadline:
We Can Help
At MECO, we have everything you need for the EMV transition. We can easily survey your POS software or fuel dispensers and let you know how much it would cost for you to become EMV compliant. Our POS systems, POS software and fuel dispensers are already up-to-date with the latest in EMV technology. Prevent the liability shift by contacting us today.
Additional EMV Resources
How does EMV compliance affect the retailer?
For retailers, there are three levels of compliance as the transition to EMV is made:
- * Hardware compliance (the devices themselves) – All hardware manufacturers are required to provide certifications on their payment hardware that confirms their ability to accept chip cards.
- * Software compliance (what’s inside the device) – The manufacturers of the devices must use certified software that allows them to accept and carry out EMV transactions.
- * Fuel brand or network certification – All devices used for payment must be collectively certified through a fuel brand or payment processing network before these devices can accept EMV transactions.
