NATSO has received a number of questions from truckstop owners and operators regarding the October 1, 2015 “EMV Shift” – this refers to Visa and MasterCard’s plans to begin aligning credit and debit cards in the United States with those companies’ proprietary chip technology.
To meet our members' need for information on this topic, NATSO has prepared a detailed Question-and-Answer document answering some of the key questions on this important topic. Read the detailed document at The Upcoming “EMV Shift” – What Truckstop And Travel Plaza Operators Should Know.
This week we will feature several points in the document on the blog. Today I’ll answer:
How Does The "EMV Shift” Deadline Apply To My Truckstop’s Fuel Dispensers?
- Does the October 1, 2015 deadline apply to my fuel dispensers?
No. Automated fuel dispensers will have until 2017 to make the shift to EMV. Until then, they will follow existing fraud liability rules. Thus, while inside-the-store point-of-sale equipment faces a liability shift deadline of October 1, 2015, fuel dispensers have two extra years. Gilbarco recently announced that the company has seen a record high in automated fuel dispenser orders, indicating that large, regional retailers are upgrading their dispenser payment platforms to support new EMV standards.
- How much money does it cost to switch to EMV point-of-sale systems?
NATSO members should consult vendors for specific price options. The switch is likely to involve an initial expense of at least $1,000.
- If my outlet transitions to EMV, will I still be able to accept older, magnetic stripe cards?
Yes. Merchants that move to EMV point-of-sale equipment will still be able to accept the “swiping” method of payment.
- Are EMV cards used differently than traditional magnetic stripe cards?
Yes, somewhat. In an EMV-enabled process, the customer will “dip” his or her card into the reader and wait, as opposed to the typical “swipe” with mangetic stripe cards. EMV cards require cards to stay inserted for the entire transaction (like old ATMs).
One concern that retailers have with EMV cards is that the transaction will take longer and impact business flow at the register. Experts suggest that the typical EMV transaction will take 5-8 seconds longer (due to longer card processing and customers having to retrieve their cards, put them away, and complete the transaction process). Those seconds can add up, particularly when stores are busy and when customers are in a hurry.
Thus, employee training will be essential. With the various costs associated with EMV, training is often overlooked. There will be a large learning curve for both consumers (who are more used to the “swipe and go” system) and sales associates. Sales associates will be on the front line of training consumers and guiding them through transactions, especially at the beginning. Proper employee training can minimize the delays associated with EMV transactions.
Read our full review here.
///One of NATSO’s primary roles is to deliver solutions to members’ challenges. Each day members tap into the expertise of myself and other NATSO staff members for answers to some of their most pressing questions. If you have questions on the rule, be sure to reach out to me at email@example.com or (703) 739-8501 with questions.
This blog post is intended to provide general information and recommendations and should not be considered legal advice. This information may be subject to regulations and restrictions in your state.
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