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NEW YORK -- It will cost as much as $1 billion for the convenience store and petroleum industry to meet the July 2010 compliance deadline for the portions of the ever-evolving PCI (Payment Card Industry) data security standards that pertain to PIN entry devices.
That was the estimate of retailers attending the NACS/CSNews CIO Roundtable here last month. Indeed, few were even confident they’d meet the deadline set by the credit card- and bank-dominated committee that mandates security standards for credit card use in the nation. And, with ever-shifting requirements, most felt unsure about whether their technology investments to meet the standards will pay off.
In addition to the estimated billion dollars to upgrade PIN pads at the pumps, "You are looking at another billion to meet standards for unmanned payment terminals and another billion for EMV," said Michael Davis, vice president of member services for NACS -- the Association for Convenience and Petroleum Retailing. (EMV is a standard for interoperation of smart chip cards and the point-of-sale terminals and ATMs that authenticate the credit and debit payments. The name EMV comes from the initial letters Europay, MasterCard and Visa.)
"If things don't change, we think most companies will spend their 2009 and 2010 technology budgets on PCI-related mandates," said Bob Sleeper, director of IT for Rutter's Farm Stores, and CIO Roundtable participant.
Complete coverage of the CIO Roundtable -- sponsored by NCR -- will appear in the special May 11, 2009, "Technology Issue" of Convenience Store News, which will also include a profile of this year’s Technology Leadership Award winner, Scott Hartman, CEO, Rutter’s Farm Stores, as well as the results of CSNews’ annual Industry Technology Survey.
A free, live and interactive Webcast entitled, "Discover Which Technologies Help Retailers the Most," will be conducted Wednesday, April 8, at 2 p.m. The Webcast, also sponsored by NCR, will discuss:
-- How much c-stores are spending on technology
-- The state of point-of-sale integration
-- Use of self-checkout systems
-- Best practices in automated inventory and ordering
-- Technologies to support promotional/sales activities
-- How business intelligence is being utilized
-- What c-stores are doing to be compliant with changing PCI standards
Free registration is open now at www.csnews.com/webcast. If you can’t make the live Webcast, register to view the archived Webcast at your convenience.