The April 2021 EMV liability shift deadline is a little over six months away. It is extremely unlikely that the liability shift deadline will be postponed again. As such, it is imperative fuel marketers proceed with EMV upgrades.
New reports show that the consequences of missing the deadline could be higher than previously estimated. Mercator Advisory Group and Transaction Network Services reported that fuel marketers who do not complete their EMV upgrades in time for the liability shift could be met with fees and penalties greater than $200,000 over the course of 12 months (the estimate was based on a 12-site fueling operation).
Further, sites that are slow to pursue upgrades will likely face higher implementation costs, as the demand for technicians will be greater than the pool of technicians available to do the work. Stations in northern regions of the country that will need to break concrete will be faced with an even shorter actionable window of time.
Change for the Better
Rather than thinking of EMV upgrades as burdensome expenses, shrewd fuel marketers will view upgrades as investments that maintain the resale value of their property. Simultaneously completing additional upgrades that enhance the customer experience and/or increase cross sales will contribute to a competitive advantage. Here are 3 improvements to consider:
1. Dispensers: Even if dispensers are eligible for retrofits, dispenser replacement may pay off. It is reported that dispensers in operation for more than 8 years have higher maintenance costs (labor and parts). Also, modern dispensers create an inviting brand experience and can offer customers a competitive selection of fuel choices.
2. Contactless payment: More stations are adding contactless EMV payment technologies to reduce touchpoints at the dispenser.
3. Media and user experience platforms: The latest advancements in dispenser user experience platforms provide custom, personalized experiences that can present highly targeted messages for driving sales and increasing customer loyalty. Investments in advanced dispenser technologies also enhance a station’s brand image.
Above all else, get equipment ordered as soon as possible. Contact your local Source representative to get the process started.