EMV and Mobile Pay continue to be the hottest topics in payments today. Retailers, convenient stores and more are looking at alternative strategies to EMV standards due to the insane cost EMV transition is becoming to merchants. Payment Week says that small businesses are simply opting out of the EMV standards by pushing mobile payments.
One in three small businesses (34%) accepted mobile payments, such as Apple Pay a huge increase from prior year which was only at 13%. The report stated that “27% of respondents to the survey indicated EMV compliance with their current POS systems.”
Many of our customers our petroleum and C-Store as well as retail chains and we have seen this EMV burden pick up since the 2015 deadline. Fuel providers will be getting more of the burden starting October 2017 when fuel dispensers have to be switched over to become EMV compliant before that liability shift takes place at the pump.
NACS 2016 Fuels Report says that “Across the entire convenience and fuel retailing industry,the average cost per store to become EMV compliant is about $30,000. With more than 154,000 convenience stores across the United States, the industry will pay more than $3.9 billion to move to EMV.”
So no wonder alternatives are being pursued instead of EMV standards.