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Fuel Retailers Need Creative Solutions to Offset Costs of EMV Compatibility Upgrades, Says TNS – Press Release

Fuel Retailers Need Creative Solutions to Offset Costs of EMV Compatibility Upgrades, Says TNS – Press Release

RESTON, Va.–(Business Wire)–As fuel retailers implement and complete projects to upgrade automated fuel dispenser (AFD) equipment at the forecourt to avoid the liability shift, the initial costs have proven to be a challenge for many. Yet it is critical to make these upgrades sooner rather than later to reduce fraud costs — leading Transaction Network Services (TNS) to introduce flexible pricing structures with the goal of helping retailers offset their upfront and ongoing costs.

The longer retailers wait to upgrade, the more it will likely cost. Conexxus, a non-profit trade industry technology organization, found that installation costs (e.g., labor) tend to increase due to high demand leading up to an industry-wide change. On average, installation costs rise 14% six months before the deadline, 23% three months before the deadline, and 33% at the deadline, and remain around 31% higher following the deadline.

Yet budgets have become especially tight this year due to the pandemic, leading many retailers to hesitate on starting their projects. TNS is responding to this challenging reality by creating pricing strategies aimed at relieving near-term spend for early movers and offering retailers the benefit of a tailored combination of services.

“TNS understands that retailers are constrained by tightening budgets amid a lower demand for fuel and reduced foot traffic as a result of the pandemic, and our pricing strategies are intended to give operators who work with us a reduction in the pain associated with near-term spend given this current climate,” said Dan Lyman, TNS’ Head of Payments Markets, North America. “We want to help them get the most value out of their upgrades by avoiding liability and fraud and implementing the fast, secure payments infrastructure that is extensible to create new revenue opportunities, enhance and personalize customer engagement, and improve the overall customer experience.”

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