WHAT IS THE COST FOR AN EMV GAS PUMP RETROFIT UPGRADE IN TERMS OF HARDWARE, LABOR AND ONGOING SAAS FEES?
Gas stations have a few options and they are looking to their merchant services and or pump servicing companies for a solution before the deadline. They break down into three factors: what equipment you currently have, what you want to do in the future and your budget. Below is a breakdown of those options for comparison.
A. Buy a new pump and complete system. Of course, this is what the pump manufacturers want you to do, and you may not have a choice if your pump is too old to support EMV technology. The benefits to this approach are that you know your system should work. The disadvantage is it can be very expensive for the new hardware, software, and downtime to the business. A four-pump C-Store to upgrade equipment the traditional way can cost a business:
• Downtime, up to 1 month for infrastructure adaptation.
• The Cost of 4 new fuel dispensers @ $15,000 = $60,000.
• Monthly SaaS ≈ $1,000 depending on your software provider.
• This does not include hoses, nozzles and plumbing fixtures and pump software configuration services. In-ground tanks and construction costs that can reach upwards of ~$140,000.
• This does not include labor, permits and other incidentals.
• Lost in-store revenue and customer satisfaction due to outage from ongoing construction – incalculable!
Total cost to the gas station owner to convert: >$200,000
• Costs can be $3,000 or less per pump
B. Retrofit your existing pump and system. A retrofit involves upgrading your existing pump and system to accept EMV. The major pump manufacturers have retrofit kits that work on some of their newer pumps, but these kits are relatively expensive and require you to upgrade your payment and potentially your POS software. Several third-party companies have developed retrofit kits that are less expensive. A four-pump C-Store to upgrade equipment this way:
• Cost can be between $5,000 – $8,000 per side of the pump
• Monthly SaaS ≈ $1,000
• They do not retrofit all pumps
Total Cost to the gas station owner: >$50,000
C. EMV Easy Pump™ retrofit is 1/3 of the cost of other solutions and does not involve closing the station or ripping up concrete or potentially the other extraneous costs listed above. EMV Easy Pump™ is semi-integrated, independent of pump and POS provider and separates the challenges of PCI for payments from the in-store systems, providing a safer solution security wise via the end to end encryption. A four-pump C-Store to upgrade equipment with our solution:
• Costs can be $3,000 or less per pump
• Retrofit to existing equipment (works with most pumps & forecourt controllers)
• Use existing POS software
• Ability to phase upgrades to EMV by individual pump fueling position
• Eliminate PCI Scope by removing sensitive data from your in-store system
Total Cost: 1/3 the cost of comparable solutions