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How to upgrade your ATMs to EMV and stay in business

ATM deployers don’t have to choose between EMV upgrades today and fraud risks later; options now available can make migration more affordable.

July 13, 2015 by atm Atom — blogger, atmatom

by Bob Sliker, VP of Business Development, Super G Funding

With liability shifts fast approaching, many independent ATM deployers are asking, "How do I upgrade my portfolio and stay in business?"

With estimates from Aite Group putting overall upgrade costs around $2,000 to $4,000 per ATM, it’s no wonder that many business owners are suffering from sticker shock.

But fraud costs after MasterCard’s liability shift beginning on Oct. 1, 2016 could be far more detrimental — a whopping $50,000 per skimming incident as estimated by the U.S. Secret Service. And it stands to reason that the last ATM locations to upgrade are the most likely to absorb the largest amount of fraud.

It’s highly unlikely that fraudsters will simply close up shop because ATMs in the U.S. begin to have EMV card readers installed. Criminals will simply begin to branch out, and with so many smart phone apps available to help pinpoint an ATM anywhere in the U.S., it won’t be hard for them to find at-risk ATMs.

Experts have seen similar fraud migrations in every other region of the world as it upgraded to chip technology. In fact, small areas with very few ATMs, began seeing so much fraudulent traffic in Canada during EMV migration that processors shut down those machines until they were upgraded.

Fortunately, ATM deployers don’t have to choose between EMV upgrades now and unnecessary fraud risks at a later date. A new white paper, "The Daunting Cost of EMV Upgrades for IADs Solved," from Super G Funding, discusses several options available right now to make EMV upgrades, and even additional business growth, possible.

In addition to full details of liability risks and overall upgrade costs, the white paper details the funding available for IADs — including bank loans, taking on investors, selling off parts of a portfolio, and borrowing against residuals.

Download the white paper. 

This article has been republished from the Triton blog, atmAToM, with kind permission from Triton.

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