Let’s start with the basics- what is EMV?
EMV payments leverage a computer chip located on the front of the payment card to transmit data from the card to the card reader. This chip calculates a unique data packet for each transaction reducing the value of any data that can be stolen out of a payment system.
What is the April 2021 deadline?
On April 17, 2021 card issuing banks will NO LONGER absorb chargebacks from fraudulent transactions that occur at the gas dispensers who are not EMV compliant. This is why EMV chip readers will be vital when it comes to credit card fraud and chargebacks OR your business will be absorbing the financial blow without any further assistance from the banks.
What are the benefits?
1. Improved security (plus fraud reduction).
2. Reduced cost of chargebacks by avoiding the liability shift.
3. Customer card security.
4. Brand protection.
The EMV Deadline will be here before you know it and trust us you don’t want to wait. Although waiting until April might seem like the best option, we can assure you there are plenty of reasons that you should go ahead and take care of this now!
Why buy in 2020 vs. 2021?
- Prices will increase on products by 2-5%.
- Delivery time will increase in 2021.
- There will be a shortage of technicians in 2021.
- Northwest Pump can offer you financing now through Patriot Capital to get your purchase in this year.
- There will be a tax advantage in 2020.
For more information on EMV, the deadline and products you will need CLICK HERE.
Contact sales@nwpump.com or call 1-800-452-PUMP and let us handle all your EMV needs this year before you are pushed to the back of the line!