Retailers Slow to Make Critical EFTPOS Upgrades

Retailers Slow to Make Critical EFTPOS Upgrades

Date:          11-Aug-10

Statistics released today by Paymark, New Zealand’s leading payments provider, reveal that crucial EFTPOS upgrades across the country are happening, but not nearly fast enough.

In a statement released just over two months ago Paymark outlined that 60,000 EFTPOS terminals across the country needed technology upgrades that would enable them to process payments in accordance with new global security standards. Since then, that figure has reduced by just under a thousand.

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.

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

Paymark Head of Sales and Marketing, Paul Whiston, says that the figures are a concern.

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

“There are a number of upgrade options available, that provide different capabilities and technologies. Many of these technologies aren’t suited for the majority of Kiwi businesses; most need a simple upgrade, not an entire makeover”, he adds.

‘Contactless’ is one such technology – it allows consumers to pay for low-value transactions by simply passing their card over a pad without the need for entering pins or other information.

Whilst the Paymark network is already 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 for their business,” he concludes.

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