The EMV liability shift for automated fuel dispensers has moved to 2020, but the reasons to upgrade NOW remain unchanged.
Consumers demand security. EMV is now well-known and is rapidly becoming the industry standard. Later this year when EMV starts to turn on at a large number of fuel dispensers, security-conscious customers will migrate to those sites with dispensers accepting chip card payments. Customers who have come to expect this standard more over time, will be willing to spend more or drive further in order to protect their personal payment information from fraud.
Innovation drives the industry. With all of the new payment technologies available this is a good opportunity to leverage your EMV upgrades to improve your business. Take a look at the bigger picture and consider how connectivity and new features, software and equipment can help drive increased revenue and lower the cost of managing your site. After all, customers love to engage in cutting-edge technology. Here are a few options to consider:
- Contactless payment (Look for an important announcement regarding LibertyPay coming soon!)
- 2D scanner for loyalty
- Media and merchandising capabilities on large color screens to drive in-store sales
- Remote monitoring and management capabilities to reduce downtime and maintenance expenses
Fraud liability is your responsibility. As more sites enable EMV at the dispenser, fraud will continue to shift to sites that have yet to make the transition. This shift means an increase in criminal activity at sites who have yet to turn on EMV. Criminals are naturally drawn to less secure targets and understand that sites that are not EMV-compliant are easier to exploit.
Customers will not trust businesses with their payment information if they are known to be targets of fraud. It is in your best interest to protect your brand by investing in upgrades now. Delaying your EMV upgrade puts your site at risk of losing your security-conscious customer to sites that have already upgraded.
Ensure you are ready in 2020. Forecourt EMV upgrades will require a larger effort than that required at the POS. Instead of a single POS on the counter, a typical site could have a dozen forecourt terminals to upgrade. As we get closer to the 2020 liability shift, resources will become scarcer. Sites that wait until the deadline can anticipate long lead times for obtaining and installing equipment. To avoid these delays, begin making your upgrades now!