What is EMV Technology?
EMV is a fraud-reducing technology that can help protect issuers, merchants and customers against losses from the use of counterfeit or stolen credit cards at the point of sale. EMV cards are embedded with a microprocessor (or often referred to as a “chip”) that interacts with the merchant’s POS system to make sure that the card is valid.
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North American banks and credit card issuers are currently transitioning to EMV global standards in order to help reduce counterfeit payment card fraud. The increased protection that EMV provides has allowed payment networks to shift liability of counterfeit payment card fraud to retailers that don’t implement EMV. Although the U.S. deadline for EMV-equipped fuel dispensers is April of 2021, it is in your best interests to convert to “chip” technology as soon as possible.
emv benefits your business
If your fueling site isn’t EMV-compliant, you could be held liable for any fraudulent transactions that occur. That could mean detrimental damage to both your reputation and your finances. How can it also benefit your business?
- Greater Profitability: Potential customers are more likely to choose a site that offers fast, convenient transactions.
- More Ways to Pay: EMV upgrades give your customers the ability to pay by dipping their card into the terminal or by using mobile or contactless payment methods.
- Customers feel safe. With EMV-compliant systems in place, your customers will feel more comfortable knowing their transactions are secured.
Ready to migrate? Let SPATCO be your guide.
Migrating to EMV can be complex and costly, but with careful expert planning, we can help you reach compliance quickly and within your budget. Our project managers will evaluate your site’s needs and advise the best options for reaching compliance while realizing a return on your investment.
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