What Is EMV Compliance In Texas, And Why Does It Matter?
As a fueling business, it’s essential to follow all of the requirements needed to run your business legally, efficiently, and in compliance.
Do you know what the EMV compliance in Texas is? Is your business updated to support EMV compliance? If not, you could be facing thousands of dollars in unnecessary expenses if you don’t follow the EMV compliance in Texas.
Here at Erling, we want to be a resource and educational tool for our current and future clients so that they know we are always up-to-date on the latest information, technology, and laws regarding the fueling systems industry. With over 40 years of experience, we know that our business, Erling fuel systems, can take on the job with ease and efficiency.
Our last article talked about 5 things to look for when hiring a Texas fueling systems company. One of the things to look for is performance. It is essential to know that you are hiring a company that understands all facets of the job, including the current laws and compliances in place to run a fuel service business. Your company should be knowledgeable and if you don’t know about a certain compliance, or if you want to know if you comply, just ask! They should be able to tell you! One of those compliances you should be aware of is the EMV compliance in Texas.
So let’s talk more about that.
What is EMV?
EMV stands for Europay, MasterCard, and Visa. In layman’s terms, it is a credit or debit card with a chip. These “chip” cards began making their way into the world over the past several years. As everything evolves and adapts, so does a credit/debit card! The chip card is the new standard of cards because of the security technology that comes with using the chip over the traditional magstripe. Basically, it is a more secure form of using a card, and it lowers the chances of your card numbers being stolen.
Do you remember the warnings of “card cloning” or card tampering? Well, this chip literally has a computer system inside of it and makes it nearly impossible to clone.
What Is EMV Compliance in Texas?
You may be asking yourself, what does this have to do with my business? It means everything. If you currently offer the use of debit/credit cards at your fuel service business, and you are not currently in compliance with the EMV standards, it could cost you thousands or more.
EMV compliance started back in 2015 when companies were to upgrade their point-of-sale (POS) systems to take chip cards. So if you have a POS system that accepts chip cards (putting the card into the slot), you are already EMV compliant!
It’s important to note that EMV compliance is not actually a law but more of the standard of practice for anyone accepting credit and debit cards. It is a standard set by credit/debit card companies to protect your business and your customers. Because the magstripes are so easily cloneable, credit card fraud is a huge issue, but now, with the chip cards, you can rest more easily knowing that your company and your customers will be protected.
Why Is It Important?
If EMV compliance in Texas isn’t a “law,” why is it important? Here is the answer, fraud, and chargebacks. We mentioned above that if you didn’t upgrade your POS system, your customers and business could be more susceptible to fraud, but here is another thing you might not be aware of; chargebacks.
When a customer decides to fight a charge, they must contact their credit/debit card company. If they see that the chargeback in question was a non-emv charge, they will grant the customer their money back, no questions asked. So potentially, you could be opening up a very expensive can of worms by not being EMV compliant. For example, a customer could come and get gas, swipe their card, and then immediately call their debit/credit card company and get the charge reversed, costing you money.
By not upgrading your system, you could also face “non-emv compliant” fees that could cost upwards of $200 a month!
Do not be liable, and do not waste money on fees when changing your system is all that needs done.
Work With Erling
Don’t wait until it is too late and you’ve already lost money in chargebacks and fees. Let us here at Erling help you upgrade your systems and network to allow EMV compliance in Texas. To learn more about Erling and what we do, browse our website or contact us today to set up a call! We have been serving Texas fuel service companies for over 40 years and have a reputation for high-quality service and customer satisfaction.
Pflugerville, TX 78660