Last April came and went. With it, the extended EMV liability shift deadline passed. Truck stops, convenience stores, and other retailers that missed the deadline now bear responsibility for fraud losses at their locations. The risk this lapsed deadline represents is tremendous, especially for small business owners.
Here’s how you can better understand why so many gas stations and truck stops missed the deadline and what steps you can make to complete an EMV upgrade at your business. Read on to learn more.
Why Many Truck Stop Owners Missed the EMV Compliance Deadlines
The deadline for EMV adoption was first announced as October 2015. Many, many stores and, in particular, gas stations missed that deadline.
Visa pushed the deadline to October 2017 in order to accommodate gas station pumps. Again, many gas stations and truck stops missed the deadline and lobbied Visa to extend the deadline further out. Visa agreed and set the deadline for EMV compliance to October 2020.
What was the hangup? The upfront cost for an EMV upgrade at outdoor gas pumps is prohibitive for small and medium-size truck stop and gas station owners. It’s not as quick and easy as a convenience store upgrade. In addition to the cost barrier, the logistics of the EMV conversion can be complicated and bandwidth-absorbing for business owners.
How the Pandemic Complicated EMV Conversions Even More
2020 was a rough year for anyone in the petroleum industry. Between the Saudi-Russian oil price war, the global pandemic, and the sudden rapid decline in travel, gas stations and truck stops were hit hard. Then, within only a few months, the entire country was relying more heavily than ever on trucking to ship goods ordered online.
During an unprecedented, rollercoaster-type year, gas station owners and truck stop owners didn’t have the capital to execute an EMV upgrade on their outdoor pumps. Nor did many of them have the ability to locate an appropriate vendor, navigate the installation and conversion process, and still negotiate beneficial terms.
As a result, many truck stop owners and gas station owners did not make the October 2020 deadline.
The petroleum lobby, buoyed by union support, wrote Visa and asked for yet another deadline extension for EMV compliance. Visa set it for April 17, 2021.
What Happened After the April 2021 EMV Compliance Deadline
Shortly after the deadline, ACI Worldwide Data reported that less than half of American gas stations and truck stops were EMV compliant. More than six months later, putting a chip reader into an outdoor gas pump remains a challenge for thousands of gas stations and truck stops.
Let Financial Fuel Services Help Your Truck Stop Become EMV Compliant
EMV compliance fundamentally protects your business from fraud losses and prevents overall spillage.
The consultants at Financial Fuel Services have been helping truck stop owners upgrade their gas pumps and reach EMV compliance throughout the pandemic. If your truck stop or gas station isn’t currently EMV compliant, then feel free to reach out to us to schedule a consultation.