What is EMV?
EMV is a technology developed and managed by American Express, Discover, JCB, Mastercard, UnionPay, and Visa. EMV is a global standard for credit cards equipped with computer chips to authenticate and secure chip-card transactions. Card issuers have switched to this technology to protect consumers and reduce fraud.
What happens in October 2020?
Starting October 1, 2020, fueling station and convenience store owners will be liable for all charge-backs due to payment fraud. This means you will be held financially responsible for fraudulent transactions that occur at your dispensers and in your store.
Protect yourself from the liability shift by upgrading to EMV technology. Converting to EMV early not only protects your station from fraud, chargebacks, and business losses, but it also gives you a powerful marketing opportunity. By promoting the fact that your pumps are EMV-compliant, you can let customers know they’re getting the highest level of security and reliability.
Let Oscar W. Larson Co. be your resource for a seamless transition to upgrade your point-of-sale (POS) and dispenser payment terminals to accept chip cards now, before the rush for EMV compliance hits in 2020.
Key points about EMV Compliance:
- Starting October 1, 2020, the liability for fraudulent payments will shift from point-of-sale (POS) payment processors to station owners—including all chargebacks.
- Stations that don’t convert to EMV will be bigger targets for criminals.
- Stations processing payments with old-fashioned mag stripe technology will likely lose business to stations with safer, EMV-compliant solutions.
- From assessment to implementation, converting takes time, so it’s crucial to start the process now.
- The upcoming EMV Compliance Deadline will cause inevitable backlogs and those who wait will end up at the back of the line.
- EMV conversion lets stations promote themselves as having more secure, advanced technology.
Oscar W. Larson Co. is pleased to announce a program with Eagle Financial Group to become EMV compliant today!
Benefits of our Financing Program:
- Get the POS/Fuel Dispenser/EMV upgrade solution you need NOW – make no payments for 30 or 90 days.
- Pay for the solution affordably over a 60-month term (shorter loan terms are available).
- Conserve your working capital.
- Simple application/approval process.
- Finance installation and equipment costs in one transaction.
- Potential tax savings under IRS Section 179.
Don’t let your budget prevent you from getting the upgrades you need; contact us today to take advantage of these exciting offers!