The Risks of Avoiding EMV Compliance at Gas Stations
Liability shifts have already been in effect for some time now. However, beginning on October 1st, 2020, this will extend to outdoor fueling pumps. This liability shift means that business owners will be responsible for fraudulent charges at their gas pumps and convenience stores. A payment processing system with EMV greatly decreases the risk you are held liable for.
If you are not EMV-compliant at your gas station, you are risking the security of your business. Not only will your business be held responsible and liable for fraudulent card activity, but you may be turning yourself into an easy target for criminal activity. Your fuel pumps are in plain sight, and criminals can easily scout your facility to see whether or not your payment processing is susceptible.
With magstripe cards, information can easily be stolen once, and then replicated over and over again. EMV chips assign a unique transaction code each time they are used, making it impossible for these codes to be stolen and used again. If you aren’t EMV compliant, you are liable for any of these charges.
Not only are you risking liability and security, but you may also risk losing the trust of your customers. Although it is a costly initial investment to upgrade pumps, it is less costly than losing business because your customers lack trust in you.
Customers are aware of EMV compliance at gas stations, since they are the ones carrying out these transactions. They expect to use their chip cards and feel more secure when they do. If you aren’t compliant, they will notice and may wonder why you are comfortable risking their security.
On top of that, should you become the target of fraudulent activity, your business ratings may go down with the BBB, and many potential new customers may not want to visit your station.
Avoiding EMV Compliance Will Not End Well
Putting your business at risk is a costly maneuver, not only for your customers, but also yourself. Upgrading to EMV compliance at gas stations is a significant investment, but a worthwhile one—investing in EMV technology brings your gas station into the future and offers less risk to your operations.
At Petrosoft, we understand the ins and outs of EMV compliance, and our team of experts is well-versed in your industry. We understand what it takes to operate a successful gas station, and are dedicated to empowering your operation with software and solutions. Turn to the experts at Petrosoft to set your business up for success.