EMV – Imminent October 1st Deadline
Posted by Eric w on
October 1st is right around the corner. This means that your ATM must be up to date on a new federal law that has all ATM’s be EMV compatible. As far as we know, there’s no fine for not getting this done. So then why bother? Aside from protecting cardholders from fraudulent charges, what’s in it for store owners? Simply put, it protects you from fraudulent disputes.
When an ATM malfunctions (and it’s not uncommon for this to happen!), starting October 1st, whatever money doesn’t dispense from the ATM can be disputed by cardholders and the banks will hold store owners accountable for any bill jams or other ATM mishaps. A claim for $600 can easily become the store owner’s responsibility without the protection of EMV.
So what does it cost? Contact your ATM provider for more information if you haven’t done so already. Some common ATMs that are easy and inexpensive to upgrade include the Nautilus Hyosung 1800SE or 1800CE, as well as the Hantle 1700w. The Hyosung 1800 standard is obsolete and the Hyosung 1500 is expensive to upgrade. We recommend to replace your machines with more current models such as the Halo II. For a new machine, you get added security as well as peace of mind that all transactions will run as smoothly as possible with little to no malfunctions, as well as the reassurance that an upgrade to an older machine won’t weigh heavy on its capability to perform accordingly.
Take full advantage of your ATM provider’s site visits. Ask about converting your ATM communication mode from dial-up to wireless to free up your phone lines, as well as upgrading any software technology to create more user friendly interfaces, making cardholders’ experiences more enjoyable.
The sooner you upgrade your machine, the sooner you protect yourself and put this behind you. It might be a nuance, but the cost to protect yourself outweighs the cost of unwarranted and unprecedented charges to your business. Act now – call your provider today.