- #Emv card reader for gas pump upgrade
- #Emv card reader for gas pump full
- #Emv card reader for gas pump software
If you just purchased a new pump in the last year or so they probably have a retrofit kit for you. Most pump manufactures have EMV retrofit kits for their newer pumps.
Purchase EMV Retrofit Kit From Pump Manufacturer If they get used to going to another station when you are down, they may not return or they may not return to the same frequency. The station will need to be down about a month, so you will lose fuel and merchandise sales during this downtime. This includes construction costs, labor costs and new permits. Then you have the cost of the installation. The cost of new pumps alone is between $12,000 to $15,000 per pump.
#Emv card reader for gas pump software
There is the cost of the pumps themselves as well as potentially new hoses, nozzles, plumbing fixtures, pump software and inground tanks. If you have older pumps you may want to take that into consideration. Pumps typically require more maintenance as they age. The station will look new and modern and reduce maintenance costs. There are some advantages-you have all the equipment from the same manufacturer. Pump manufacturers prefer that retailers purchase news pumps.
#Emv card reader for gas pump upgrade
#Emv card reader for gas pump full
Past survey results also revealed that stations were unaware of other upgrade options other than a full pump replacement. Another survey indicated that 39% would not be upgraded by the time of the mandate and that up to 30% were not planning on upgrading at all due to cost and inconvenience. Conexxus survey results from 2020 indicated that only 15% of fuel retailers had upgraded at the fuel island. With numerous industry surveys released last year and this year, stations are still hesitant to upgrade their pumps to support EMV.
In fact, according to a report from VISA, 70% of consumers have changed the way they pay, and contactless is growing. We are also seeing a transition to card use and less cash due to COVID-19. Spending money upgrading equipment to support the card associations can be a difficult pill to swallow, but there’s not much choice if you want to accept charge cards. It will only take a few chargebacks with large SUVs to wipe out profits for the day. With margins low on fuel, the financial implications could be huge. If your station is not a target for fraud today, and you do not upgrade, there is a good chance your station will be a target for fraudulent activity after April. Based on historical evidence from the EMV liability shift in the retail industry years ago, those thieves will target stations that do not have EMV at the pump. The amount of fraud targeting outdoor fuel dispensers is expected to hit more than $450 million this year. Even if you have a video of them signing, the station owner will lose the chargeback and be liable. This means that most of your customers will have a chip card, and if your station does not support EMV, you will lose the chargeback request every time. In fact, virtually all new cards issued are chip cards, and many support the new trend to contactless payments. This is why the credit card networks are pushing everyone to EMV-those fake magstripe cards will no longer work. It is virtually impossible to make a fake EMV card due to the chip in the card. It is easy to obtain cardholder data online and make a fake magstripe card. Now, station owners will be accountable if they do not support EMV at the pump and the customer uses a chip card. Prior to the deadline, the financial institution was responsible.
What does this mean for gas stations? Barring a last-minute extension by the credit card companies, station owners will be responsible for the financial burden if there is a chargeback with an EMV card and the stations do not support EMV. The EMV liability shift deadline is April 16–17, 2021.