A Look at the Perks of EMV Payment Processing at the Pump
Posted on: 28 March 2019
If you are the owner of a store that also sells fuel, you will spend a lot of time making sure that it is as simple as possible for customers to stop in and see you when they need to fuel up their vehicles. While the majority of gas stations have upgraded their pumps to accept electronic payments with a traditional payment card that boasts the typical magnetic stripe, many have yet to upgrade to EMV payment processing at the pump. EMV, which stands for Europay, Mastercard, and Visa, is a type of card that contains a computerized chip. Check out some of the perks of upgrading your pumps so they can accept EMV payments.
1. Most consumers are switching to EMV payment cards.
Because EMV cards are more secure, the largest payment card providers are making the change to these cards. Therefore, most consumers are now carrying chipped cards in their wallets. It is a widely known fact that making payments with a chipped card can help thwart problems with fraud and identity theft because the chip is far harder to compromise or digitally copy by thieves. The majority of consumers prefer to use their card with EMV technology to pay for things, including fuel.
2. EMV at the pump leads the way for other payment processes.
One of the advantages of EMV at the pump is that the same technology can be used to accept other modern types of payments. For example, mobile payment processing with apps like Apple and Android Pay would be possible. As more consumers start relying on their phones to make payments instead of cards, having the EMV technology already on your pumps will give you a head start on your competition that may not have their systems upgraded just yet.
3. Having EMV at the pump can be part of your marketing efforts.
Gas stations who already use the EMV technology at their pumps are easily marketable in the modern world. If you live in an area where most gas stations still only provide the swipe-and-pay option for customers, you can state in your advertising that you do offer the payment flexibility that EMV provides. Naturally, you will attract an entirely different group of gas customers to your location, which just means more profit for your store in the long run.
Overall, upgrading to EMV readers on your fuel pumps is a smart investment for your company. Reach out to a company who can help you get wireless EMV at the pump.
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