EFTPOS upgrade: Are you ready?

Motorsport
EFTPOS upgrade: Are you ready?

According to EFPOS service provider SmartPay up to a quarter of New Zealand’s retailers are unprepared for the new 6.0 EFTPOS upgrade needed by 31 May.
 
SmartPay says it is upgrading thousands of its customers across New Zealand to the latest 6.0 EFTPOS equipment before the deadline of 31 May after which old terminals will no longer work and cannot accept cards.
 
Andrew Donaldson, SmartPay CEO says that the recent roll out with 800 Auckland’s Co-Op taxis at Alexandra Park is an example of the urgent need for merchants across New Zealand to undertake the upgrade.
 
“This is a significant and pressing milestone and SmartPay is working closely with its merchant customers throughout New Zealand as well as Paymark to ensure that terminals are upgraded well ahead of the 31 May deadline. However according to Paymark there are at least 35,700 terminals that still need to be upgraded and we think these retailers are unprepared for the change,” says Andrew Donaldson.
 
Paymark’s head of sales and marketing Paul Whiston says that the upgrade is critical because after the deadline no retailer will be able to trade using EFTPOS.
 
“The upgrade is needed by approximately a quarter or 35,700 of New Zealand’s merchants across hospitality, convenience stores, through to general retail and service providers.

“Anecdotally we think some retailers have become complacent or are trying to defer the cost for as long as possible which is why Paymark and the Banks have set a firm date for sun setting terminals – SmartPay’s recent work to upgrade 800 Auckland Co-Op taxi’s is clearly an example of what needs to be done sooner rather than later,” says Paul Whiston.
 
Last year it was reported in NZ Business magazine that Paymark had advised more than that 60,000 EFTPOS terminals needed technology upgrades so they can process payments in accordance with new global security standards.

Without the upgrade, retailers will not only be in breach of these standards, but will also be unable to process certain types of local and international card types, as well as face disconnection from the Paymark network.

At that time the Auckland region had the greatest number of terminals requiring upgrades (27,243) followed by Canterbury (5,911), Wellington (5,199) and Waikato (4,004).

"Retailers need to recognise that this is a very real issue and one that, if not addressed, will affect their bottom-line," says Paul Whiston.

 

"There are a number of upgrade options available. Many of these technologies aren't suited for the majority of Kiwi businesses; most need a simple upgrade, not an entire makeover."

“Contactless” is one such technology - it allows consumers to pay for low-value transactions by simply passing their card over a pad. Whilst the Paymark network is enabled for contactless technology, the model is far from being established in New Zealand. 
"Contactless is part of the payments future for certain industries, like transport for example. For Kiwi retailers, the technology is not a necessity. Once it becomes established in New Zealand it is easy to add contactless technology on,”says Paul Whiston.

"Rather than spending unnecessary money, we urge retailers to talk with their bank or EFTPOS provider when deciding on the best upgrade option." 

 

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