How Convenience Retail Can Meet Fast-Approaching EMV Mandates
Although EMV compliance deadlines officially went into effect in October 2015, convenience stores and gas stations have been given an extension to comply due to technological, regulatory and infrastructure challenges. Now, come October 2020, those retailers need to catch up before the shift of liability falls on their shoulders. This becomes especially challenging at the gas pump, where card skimming is a burden on security.
Taking a step back to August of this year, the U.S. Payments Forum released its market snapshot showing the state of EMV chip adoption in the United States. The report showed that the technology is now well-established in the U.S. with 63% of in-store payment terminals being chip-enabled, and 68% of total transactions being chip-on-chip.
But implementation and user adoption did not come without its hiccups. “With the initial rollout of chip technology, we saw a rush of merchants trying to get their in-store hardware and software solutions through testing and certification, which created a backlog,” said Randy Vanderhoof, director of the U.S. Payments Forum. “Today, EMV chip technology is ‘business as usual’ for much of the industry. As a result, merchants have a better idea of what to expect and what these timelines look like for getting in-store solutions to market.”
With the extended EMV compliance deadline around the corner for c-stores and gas pumps, here are three key steps that are needed to help them make the conversion, without disrupting the business.