Businesses that aren’t EMV compatible on their forecourts should be ready for high monthly losses, as a recent fraud report states. At least 3 U.S. financial institutions have already been getting tens of thousands of dollars associated with fraudulent credit/debit card transactions. If this is what you’re interested in and need help with chargeback insurance providers, go on reading this post.
Businesses Without EMV: Chargeback Insurance Providers
In spring, the big card networks delayed the deadline for EMV fraud liability at gas pumps until April 2021. This was a relief for the retail fuel industry. As AmEx, Discover, MasterCard, and Visa note, they’ve decided to shift fraud liability on gas pumps to the stores in case their pumps aren’t able to accept EMV.
After the EMV liability shift takes effect on April 17, 2021, fraud losses at gas stations may account for tens of thousands of dollars on a monthly basis for each station once.
Thus, it becomes vitally important to work with a reputable credit card processing company that can help you avoid falling into obstacles concerning changes in the field. Thanks to a respectable payment processing company that knows your pain points best of all, you can be sure to get fast and easy access to the most secure and cheapest merchant processing services. With a true payments expert, you can enjoy the best help with chargeback insurance providers.
Important for Retailers
In July, Visa Inc., the biggest payment card network in the world, introduced a security alert concerning POS malware families’ modification aimed at EMV chip-enabled POS terminals. In such situation, you, as a merchant, should keep your finger on the pulse. It’s important to:
- Take into account the expected costs.
- Avoid relying on additional deadline shifts.
- Start implementing your plans now to avoid further hassle and unnecessary expenses in the long run.
- Apply to professionals for help.
- Remember that though meeting the EMV transition deadline is important, you shouldn’t consider EMV transition as the end: it’s just the beginning: so you should think beyond the deadline.
As you see, the April 2021 deadline for EMV fraud liability shift is already knocking at your door. This means fuel and convenience retailers can’t leave in ignorance the process of upgrading their payment equipment at the pumps. Otherwise, you’re going to face potential costs concerning the liability shift.
Author Bio:Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that can best help you with chargeback insurance providers. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.