The deadline for fuel retailers to support EMV payments at the forecourt to avoid the liability shift is less than a year away, yet many fuel and convenience retailers have not finished — or started — projects to upgrade their automated fuel dispenser (AFD) equipment.
EMV is a payment method based upon a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. EMV originally stood for “Europay, Mastercard, and Visa”, the three companies which created the standard.
The EMV standard is a secure technology that is used worldwide for all payments done with credit, debit, and prepaid EMV smart cards.
New pricing bundles and incentive programmes
To help those retailers offset some of the initial costs to upgrade, Transaction Network Services (TNS) has announced new pricing bundles and incentive programmes that could save owners and operators money with their upgrade projects.
These programmes are intended to offer some financial relief in the short term, to those merchants that are willing to act quickly given the impact that the coronavirus pandemic has had on enterprise budgets.
Deploying outdoor payment terminals with EMV capabilities also involves upgrading network connectivity infrastructure as retailers need to securely support payments at AFDs while providing speed and reliability at the same time.
The new pricing structures from TNS are intended to help retailers get the most out of their upgrade projects and limit their financial burden while they make the necessary improvements.
“Upgrading equipment for EMV compatibility benefits retailers”
“While research has indicated that upgrading equipment for EMV compatibility benefits retailers by reducing the risk of having to pay costs related to fraud, these projects are not inexpensive,” said Dan Lyman, TNS’ Head of FinTech Payments for North America.
“As a trusted player in the payments ecosystem, TNS is committed to helping retailers plan for EMV upgrades, and these new offers will help offset their upfront and ongoing costs,” he added.
The promotional programmes are designed to offer near-term budget relief and incentivise retailers to proceed even in this uncertain market climate.
The programmes can help retailers’ bottom lines with significant discounts that have the potential to save them thousands, or even tens of thousands, of dollars.
“The incentive programmes are designed to help ease some of the hesitation that fuel and convenience retailers have about the costs associated with EMV-related upgrades,” said Lyman. “These offers may also help retailers begin realizing the benefits of EMV payments acceptance sooner.”