3 Strategies to Help You Plan Your EMV Migration
Posted: | Author: CSzehner
As the 2020 EMV deadline approaces, fuel retailers everywhere have begun planning their EMV upgrades. As many station owners have experienced in the past, as we get closer to the deadline, resources become scarce, labor demand for certified technicians increases and schedules get fully booked.
Wayne T7 iX Pay Secure Payment Terminal w/ iOTV
With the deadline approaching and payment card industry compliance (PCI) becoming expected by the consumer, the time to plan your EMV migration is now. In doing so you will save yourself time, money and a massive headache.
Currently, many fuel retailers with outdated dispensers face a dilemma; upgrade their dispenser payment terminals now and try to extend the life of their dispensers OR upgrade to new dispensers entirely. Solving this problem depends on several different variables; 1) The age and operating environment of your dispensers, 2) The type of dispensers you own, and lastly 3) the number of dispensers you operate.
1) Age and operating environment
This is the #1 driver in determining your upgrade strategy. First lets start with age. We'll use eight years old as a ballpark number because dispenser manufacturers recommend replacing dispensers every eight years, but let’s be honest, we all know there are dispensers out there in excellent operating condition that are more than twice this age. Why replace a perfectly good dispenser? This is why age needs to be considered alongside operating environment. Dispensers near the coastline in Pacifica, CA are going to rust much faster than dispensers tucked back in the hills in Livermore, CA.
However, if you feel like your dispensers have another 5+ years of operating life then you may want to consider upgrading instead of replacing. This could be your most effective strategy in gaining EMV compliance.
If your dispensers look like they roamed with the dinosaurs then you should probably buy new ones. Even if they are still working properly, the amount of time and money you will spend on buying replacement parts will make these dinosaur dispensers a money pit. Instead, investing in new dispensers makes more sense. Not only will you gain EMV compliance but the site refresh will grow both inside and outside sales by 3% - 7%. All new Wayne Ovation dispensers come factory installed with the EMV ready iX Pay secure payment platform, making your EMV migration quick and easy. Yes, replacing your dispensers will be a larger expense up-front but it will help save you time and money in the long run. Better to make a long term investment than to make a temporary quick fix.
2) Dispenser Make and Model
If you're planning to keep your current dispensers and upgrade payment terminals then the next question you need to ask yourself is "what make and model are my dispensers?"
Most fuel marketers operate Wayne or Gilbarco dispensers which makes your EMV upgrade straight forward. The Wayne iX Pay Terminal will drop into most models and even works for some old Tokheim dispensers too.
Currently, Shields, Harper & Co. is selling the Wayne T5/T7 iX Pay Terminal which is the only universal EMV system on the market with touch screen capability. This system can be installed on Wayne Vista 2 and 3 Series dispensers and all models of the Ovation. Gilbarco Advantage and Encore Series OEM dispensers can be upgraded as well. That’s correct, you read right. The Wayne iX Pay Terminal can be installed on almost any OEM dispenser currently in operation. All you have to do is let us know the year, make and model of your dispenser.
The Wayne T5 and T7 iX Pay Secure Payment Terminal is EMV and PCI 4.0 certified for point-to-point encryption (P2PE). The system is outfitted with laser engraved metal keys, an SPM keypad with unauthorized removal detection and TDES encrypted PIN data. Additionally, it comes with the optional feature of iOTV and Wayne Tap Contactless Payment.
3) Number of dispensers
The last variable to consider is how many dispensers you operate. Are you a single station owner with six dispensers or do you own multiple stations with 12+ dispensers? This will determine the type of investment you make. If you’re a single station owner then you’ll want to schedule your upgrade for the least busy time of the year. You’ll have to shut down your site but will be doing so when business is slow and has less of an impact on your revenue.
On the other hand, if you operate multiple stations then you will want to plan accordingly so you don’t have all your locations closed at the same time. One strategy a customer has used in the past was to stagger the upgrade at each station by two weeks. This allowed him to keep his revenue stream open while each site was updated individually.
October 2020 is less than 3 years away! Once this deadline passes the fraud liability shifts from the bank’s responsibility onto the retailer. This should be eye opening to say the least! It’s one thing for the bank to cover a weekend of fraudulent skimming charges, but when the responsibility shifts to the retailer – one weekend of skimming can knock you out of business. Along with consumer card security expectations increasing, the shift to EMV is crucial.
Many fuel retailers will choose to wait until the last minute to upgrade. This happens as a result of timing, budget and other unforeseen circumstances. In doing so, resources will become strained, prices more expensive and timelines more difficult to reach. PLEASE! Do everything in your power to avoid this scenario! You don’t want to be the retailer come October 2020 who still hasn’t installed EMV. If you have questions about your site then please contact your District Manager for their recommendation.