October 1, 2020, may seem like any other day for most, but for businesses, it’s an important deadline that’s fast approaching. That’s because it’s the day automated fuel dispensers and pumps (AFDs) must be compliant with Europay, MasterCard, and Visa (EMV) chip technology.
While this isn’t the first time businesses have faced a looming deadline, it has been a few years since the last extension was granted. In other words, this one might be the real deal. To help you prepare, we are sharing the latest on EMV compliance and what you need to know to set yourself up for success.
What is EMV Compliance?
In simplest terms, the goal of EMV compliance is to ensure further protection for consumers and their personal information at the pump. In order to do that, businesses need to upgrade their EMV chip technology so that it can process Europay, MasterCard, and Visa payment cards with a chip or magnetic strip. By making this technology an industry-standard, chip cards can be processed anywhere and everywhere.
Why Has it Been Delayed So Many Times?
Why has this date been pushed back so many times? According to Visa, the transition to chip technology for gas stations has presented its own ‘unique challenges.’ If you remember, back in October 2015, virtually all retail businesses were required to be compliant with EMV chip technology, while gas stations were granted an extension until October 2017. As we now know, that extension was pushed out another three years, bringing us to 2020.
Because fuel pumps have specialized technology and complicated infrastructures, the upgrade to EMV technology hasn’t been as seamless. Visa said that several businesses might have to entirely replace older pumps to add chip readers. That, of course, requires physical and manual labor that is both time-consuming and costly. In addition to those complications, Visa stated there has been an insufficient supply of the hardware and software needed for businesses to be compliant.
What Do I Need to Do for My Business?
As the October 2020 deadline fast approaches, there are a few steps you can take to ensure you’re compliant.
1. Don’t wait. As businesses scramble to upgrade their chip technology, there’s going to be a higher demand (and cost) for equipment and service support. According to Conexxus, as of December 2019, 70% of businesses hadn’t upgraded any of their technology.
2. Start implementing. It can be overwhelming to know where to start and the steps necessary along the way. You can utilize the official source for EMV integration, or Conexxus has put together an in-depth guide to help you through the process.
3. Protect your investment. If you’ve taken the time and spent the money to upgrade your technology, you want to protect it. With CAF’s custom-fit SKINZZ® Protective Shields, you can prevent damage at the pump from vandalism, weather conditions, UV rays, and general wear and tear.
What If I Don’t Make the EMV Update on Time?
If you don’t meet the October 2020 deadline to upgrade your pumps, your business will be subjected to fines. Because it’s better-designed to protect consumer information, not having EMV chip technology also increases the risk of stolen data. As a result, the cost of possible breaches will fall back on you. There may also be increased costs to maintain old and outdated software.
Increase Protection at the Pumps
At the end of the day, upgrading your EMV chip technology is about much more than avoiding fees. These upgrades will protect your business and your consumers’ sensitive information. When you finally make the switch, protect your pumps with our SKINZZ Protective Shields, which are tested and designed specifically for your EMV equipment.
The last thing you want to do is put all of this time and money into new pumps, just to have weather elements or vandals scratch up your new screens and pumps. Protect your investment and find the right model for your pumps, or give us a call to get started.