FORT WAYNE, Ind. – In December, American Express, MasterCard and Visa announced an extension for gasoline stations to upgrade to EMV standards, pushing back the October 2017 deadline to October 2020. However, that doesn’t mean retailers can simply ignore the migration process until then.
Petroleum Parts Inc. offers gasoline stations assistance with that upgrade through a module payment device that installs on current pumps, The Journal Gazette reports. Petroleum Parts President Rick Byanski said his company’s solution is lower cost with a quick installation.
Todd Lassus, president of Lassus Handy Dandy, which operates 35 locations, went with a similar solution through Gilbarco. So far Lassus has invested around $750,000 to install the modules on more than 150 fuel pumps, plus cash register replacements and new pump wiring.
NACS estimates a $7 billion price tag for the entire industry to upgrade to meet the EMV requirements. For large companies operating 100 or more locations, that will mean a cost in the millions. For the more than 60% of independent, single store owners, the expense won’t be as large, but still difficult to manage, given the slim profit margins generated by gasoline sales.
Gray Taylor, executive director of Conexxus, urges gas stations to keep moving forward with upgrading their pump equipment to read chip cards. For more on EMV, read “Wait List: Pumped Up for EMV?” from the January issue of NACS Magazine.