EFTPOS Upgrades Crucial for Retailers

EFTPOS Upgrades Crucial for Retailers
Are You Ready?

60,000 EFTPOS terminals across New Zealand must be upgraded by June 1st 2011 in order to meet new global security and technology standards. With the Rugby World Cup commencing shortly after June, retailers need to get on with the task of upgrading their equipment.

Without the upgrade, many terminals will not be able to process the diverse array of international and local cards that customers will have in their wallets.

Paymark CEO Simon Tong says: “Unlike previous upgrade programs where we have cut some retailers slack in meeting the upgrade dates, this time it’s different. With increasing concerns over card fraud and potential issues with international visitors’ cards, the upgrades simply must happen. Retailers run the very real risk of being disconnected from the network post June 2011”.

“We are communicating 12 months in advance of this date to give retailers time to make the required changes,” he adds.

John Albertson from the New Zealand Retailers Association says merchants are at the front-line of New Zealand business, and need to ensure that they are EFTPOS-ready, for their own commercial benefit and the reputation of the country.

“For the benefit of their business and their customers, retailers need to get behind this EFTPOS upgrade. Unlike in the past where merchants could leave upgrades to the last minute, this time all EFTPOS terminals need to be up-to-date by the 1st of June, 2011, or they will be turned off,” says Mr Albertson.

Retailers have a good incentive to get moving: the estimated 1.25 billion tourist dollars projected to accompany Rugby World Cup fans.

“EFTPOS terminals are just like other machines – as technology evolves, they need to as well. This is a once-in-a-lifetime commercial opportunity and retailers need to understand that if they don’t upgrade soon, they will miss out,” he says.

Improving transactional security has become even more important amongst payments providers as they prepare for the huge influx of tourists for the Rugby World Cup in 2011.

To see whether your EFTPOS technology is ready, visit www.areyouready.co.nz and follow the simple online instructions. If your terminal is not up-to-date, contact your EFTPOS terminal provider as soon as possible and schedule a date for your upgrade.

ENDS

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