The EMV liability shift has moved to 2020, but the reasons to upgrade now remain unchanged.
Consumers are now familiar with using their chip cards. As EMV starts to turn on at fuel dispensers later this year, security-conscious consumers will migrate to those sites that accept chip payments. While customers migrate to sites with chip acceptance, fraudsters will be shifting their focus to non-EMV sites.
Additionally, EMV hardware upgrades and the high-speed connectivity that come with them present new business opportunities for smart retailers. Add that up, and leading industry retailers continue to migrate to EMV – don’t be left behind!
Four Reasons why EMV matters
1. Consumers demand security
The EMV chip card was once a foreign concept in the U.S. market for both retailers and their customers. However, EMV is now well-known and rapidly becoming the industry standard. As EMV starts to turn on at a large number of fuel dispensers later this year, security-conscious consumers will migrate to those sites with dispensers that accept chip payments. Since customers will expect this standard more over time, they are willing to spend more or drive further if it means their personal payment information is safer from fraud. Don’t let this factor become between you and your customers, upgrade now!
2. Innovation drives the industry
With new payment technology available, leading retailers are leveraging their EMV upgrades to improve their business. It’s time to 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 sites. After all, customers love to engage with cutting-edge technology.
As the industry leader, Gilbarco can help you build your brand with the industry’s most reliable, durable, and flexible equipment such as:
> Contactless payment for consumer flexibility
> 2D scanner for loyalty
> Media and merchandising capabilities on large color screens to drive in-store sales
> Remote monitoring and management capabilities through Insite360 to reduce downtime and maintenance expenses
> ... And much more!
3. Fraud Migration
As more sites turn on EMV, fraud will continue to shift to the sites that have not yet made the transition. The shift means that there will be an increase in criminal activity for c-stores that have not turned on EMV at their sites. Why? Because criminals are naturally drawn to less secure targets and understand that sites that are not EMV-compliant are easier to exploit.
Customers do not trust businesses with their payment information if they are known to be targets for fraudsters. It is in your best interest to protect your brand by investing in upgrades now before your customers’ perceptions change. Delaying your EMV upgrade puts your site at risk of losing your security-conscious customers to the sites that upgrade now. The EMV liability shift has moved out, but the reasons to upgrade remain.
4. Industry Constraints
Forecourt EMV upgrades will require a larger effort than that required inside the store. Instead of a single point-of-sale (POS) on the counter, a typical site will have a dozen forecourt payment terminals to upgrade. Therefore, as we move closer to the 2020 liability shift, resources will become more and more scarce. Sites that wait until the deadline can anticipate long lines for not only obtaining and installing equipment but also for EMV certifications with acquirers. To avoid delays and bypass capacity constraints, sites should be upgrading now.