Dating back to October of 2015, the US EMV migration has been set to occur in several stages across multiple industries. And while EMV compliance for gas stations was initially set for this year, that deadline has since been pushed out an additional 3 years to 2020. From the massive costs associated with both software and hardware upgrades, to the need to change out fuel pumps in their entirety, this migration could cost upwards of 4 billion dollars.
Unlikely to have ever made the deadline, risk could in fact increase as gas stations become more of a target in the wake of industry’s compliance. Today, EMV compliant merchants have seen as much as a 43% decline in fraud, something the petroleum industry would benefit from as they see as much as 250 billion dollars in fraud annually.
Just Because the Deadline Has Deferred Doesn’t Mean You Should Wait
From changing merchants to choosing the right software and hardware, EMV compliance is a major project that you should not go alone. Along with the technical integrations, there is a vast self-testing portion that requires solid strategy, know-how and considerable bandwidth in order to get completed. Finding an appropriate partner and approach to EMV compliance simply cannot be overstated.
It is essential that your first efforts should be to get POS and procedure changes defined as they fall solely on your shoulders. There are many large and moving pieces involved, and attempting a piecemeal approach will not work. Many retailers have tried and failed to achieve EMV compliance by moving through in bits and pieces, just look at this recent success story to find out how one retailer’s stalled implementation got turned around with the help and expertise of an EMV practitioner.
At Sophelle, we can facilitate your transition to EMV compliance in a thoughtful and organized way through the creation of an actionable plan. Through thorough evaluation, we create strategy for both technology implementation and self-assessment that will get you compliant in the most efficient timeline possible. We can manage the implementation of new or upgraded solutions and even manage the necessary modifications to support changing EMV requirements. And, once all the solutions are properly in place, Sophelle can assist in managing the certification process as well. If you are interested in finding out more about how Sophelle can help your business reach EMV compliance, contact us here.
Contributed by: Joe Dela Cruz
