Did you meet the EMV card-issuing deadline?
The initial switch to issuing EMV cards has gotten most of the attention recently, but another deadline is just around the corner – Mastercard’s October 2016 deadline for ATM compliance. According to a study by Credit Union Times, 78% of credit unions did not finish the card-issuing process by last October’s deadline.
About 1/2 (46%) of study respondents said that while their switch wasn’t complete at that time, they were in the process and almost done. (Interestingly, a similar percentage (44.5%) said they were behind schedule due to card supply issues.) Here are 2 things to consider if you’re still planning your ATM EMV upgrades.
Planning Issue #1 – Parts Availability
While many of you have already completed your ATM EMV upgrades, there is still time to complete them if you’ve postponed this upgrade. We recommend doing so as soon as possible to prevent any last-minute delays in card reader modules. Just as the card manufacturers had trouble keeping up with the wave of demand for everyone wanting chip cards all-at-once, equipment manufacturers may be short on the needed parts at the last minute.
Planning Issue #2 – Technician Availability
A bigger logistical issue may be the manpower available to install the upgrade parts. As the various EMV deadlines continue to come and go, technicians will be under waves of demand for upgrades and for any on-site calls as networks “turn on” EMV capability.
Be sure to plan far enough ahead to allow for the inevitable delays in either area. If you’re having trouble getting your upgrades scheduled, or if you simply need to start the process, contact us and we’ll make it happen for you!