WASHINGTON – With card brands touting EMV as the global “next generation” payment system, retailers are asking what they need to know — and prepare for — should EMV deployment come to the United States.
EMV — a standard for credit and debit card payments originally developed by Europay, MasterCard and Visa — incorporates an embedded chip rather than a magnetic stripe, a system that is more secure. EMV will require significant equipment upgrades for store operators, both inside the store as well as at the gas pumps. (Read more in the May issue of NACS Magazine, “Half Covered.”)
What this means to you, the retailer, is that everything will change should you elect to support EMV. Every card reader and dispenser terminal will need significant upgrades to support EMV — an estimated $3.5 billion to $4 billion for our industry alone.
Although EMV is not a mandate, merchants that do not upgrade to EMV compliant card terminals by the October 2015 (indoor) and October 2017 (fuel island) face a potential liability shift for counterfeit, lost and stolen card fraud.
Even if this sounds like a daunting process, it does not have to be overwhelming. The first step is to attend the upcoming webinar, 411 on EMV, on June 19 from 2 pm – 3 pm EDT, hosted by Conexxus and Heartland Payment Systems. This free session is geared toward retailers who are not familiar with EMV get a better understanding of what EMV will mean to them, including an opportunity to ask questions. Topics covered include:
- The EMV basics.
- The EMV timeline and the important dates for you?
- What the liability shift really means to you?
- What can you, the retailer do now to prepare for EMV?
- What Conexxus is doing for you in the area of Data Security?
Speakers for this webinar are:
- Phil Schwartz, Manager IS, Valero Energy Corporation
- Robin Trickel, Executive Director of Product Compliance, Heartland Payment Systems
- Gray Taylor, Executive Director, Conexxus
Don’t miss out on a valuable opportunity to begin learning about EMV in order to best prepare your business. Register now for the webinar or email Carl Bayer with Conexxus for more information.
Conexxus, formerly PCATS, addresses technology standards to improve business processes, reduce costs and increase productivity for the convenience and fuel retailing industry. For more information on how you can get involved visit conexxus.org.