Why you have to upgrade your terminal software
Did you get a letter from the Paymark network advising you that you need to upgrade your eftpos terminal software to avoid disconnection?
Wondering why you need to upgrade?
If you're an EFTPOS NZ customer, no worries! We take care of all software and hardware compliance upgrades for all of our customers.
Even if you're not an EFTPOS NZ customer, or you're unsure about whether you need to upgrade, we can help you check your terminal software and provide a quick and easy upgrade if you need it. Learn more.
What’s with all the upgrades?
The card goes in, the customer is served, you get paid – right? Well, there’s actually a lot going on behind the scenes to make that payments magic happen. In the seconds between the cardholder hitting the enter key and the terminal screen displaying ‘Accepted’, your eftpos terminal has to connect to a payment network to shift funds from the cardholders account to your acquiring bank.
Upgrades keep eftpos terminals secure so the process is safe for cardholders and merchants. Every payment device or software version released into the market enters a life cycle. This ensures that the whole payments ecosystem is kept at the forefront of payments security by ensuring software versions and devices are continuously upgraded to meet industry standards.
If the Paymark network sent you a letter late last year advising you that you need to upgrade, this means that the software on your eftpos terminal is currently the oldest version of software that allows a terminal to transact on the Paymark Network. This software version is approaching its sunset date, meaning that the software will no longer comply with industry standards. All terminals connected to the Paymark Network need to be transacting on software version 2015, or newer, by 1 May 2018 or they will be disconnected from the network.
Spend less time worrying about compliance and more time running your business. Want to know more? Learn more.