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EMV Compliance - Three Months To Go

30 September 2005

EMV Compliance - Three Months To Go

Retailers are being urged to plan upgrades for their EFTPOS terminals and software today, or risk losing customers and revenue, says Provenco Payments, a subsidiary of Provenco Group.

As New Zealand's largest supplier of EFTPOS terminals, Provenco Payments CEO John Tait says with less than three months to go, planning is crucial and it is important that retailers know they need to make the switch by the compliance deadline of January 1, 2006 so they don't get caught in a back-log waiting for their upgrade next year.

"While great progress is being made with many retailers having upgraded their terminals in recent months, we know there is a large number of small business owners being complacent about upgrading their EFTPOS terminals. We know these people have owned their terminals for many years and we are urging them to assess their risk at not upgrading.

"Effective January 1, 2006 merchant acquiring banks will look at a liability shift for fraudulent transactions. This means banks will no longer pick up the risk from non-compliant terminals," he says.

Provenco Payments supplies EMV compliant terminals with the most popular being the T7 Plus.

"Our T7 Plus has now received EMV certification to meet ETSL's new 5.1 EMV certification standard for New Zealand," he says.

Provenco Payments is gearing up internal resources to ensure supply of terminals, software and solutions for retailers who still need to upgrade.

"While we can add resources, we're urging retailers to plan the upgrade of their EFTPOS terminals and software today," says Tait.

Under the new security standards, all credit and EFTPOS cards will contain new chip software similar to a small computer, with more security features than the magnetic strip making it virtually impossible for fraudsters to take data and clone cards.

Tait says the new chip-based cards will have the ability to hold more information that can be securely updated or added to as required, and will eventually give retailers the opportunity to develop their business using EFTPOS-based technology.

"We work closely with our customers to select the best solutions for their business requirements and find that many retailers want sophisticated technology to give them accurate reports on customer spending habits. In the future we'll see further EMV security standards and regulations introduced as technology develops," he says.

To find out more about upgrading your terminal call Provenco Payments on 0800 EMV SMART (0800 368 76278).

ENDS

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