EMV Liability Shift... Now What?
If you missed the October 2015 “the liability shift.” deadline for implementing EMV Chip and PIN at your site realize your in good company, as most fuel and convenience store retailers have not yet implemented.
Even though the adoption of the EMV initiative is voluntary and the first compliance date as passed, you don’t want to be the one looking for a chair when the music stops. It is estimated that the annual retail card based fraud liability is north of $10 Billion dollars annually.
First and foremost is to check with your Major Oil Brand Representative or their Independent network for questions pertaining to the liability shift. Each network is handling this differently – a number are offering waivers for a period of time until the EMV software is released, while others have not made a public announcement. After you have determined when your liability date arrives it’s time to focus on EMV deployment
As you would with any other technology deployment, start with a plan. A plan will help you think through the individual components of the transition. The plan should be detailed addressing such items as implementation schedules, pilot testing, and associate or customer education.
You should start by evaluating your current POS (Point of Sale) system and Pin Pad Payment Terminals to ensure that your hardware platform model is EMV compatible going forward many POS vendors have websites dedicated to EMV compliance relating to their product portfolios.
If you are operating a platform which is not compliant you’ll want to order a new POS as soon as possible. Many Major Oil Brands are offering attractive incentives for hardware upgrades on both POS systems and Pin Pads to ease the cost burden of adopting EMV technology, contact your distributor or your Major Oil Brand representative for more information.
Next you’ll want to make sure your software subscription from your POS vendor is up to date. To be EMV compliant you will have to upgrade to a new version of software and you want to ensure your eligible to receive the new EMV features in a timely fashion. Each POS and PIN PAD Terminal vendor has different planned EMV software support dates.
Finally you’ll want to place purchase orders, schedule site surveys and install your new equipment.
Taking these actions today will provide you the lowest possible cost EMV upgrade costs, and give you peace of mind you have done everything you can to lower your exposure to card fraud liability.