Why you have to upgrade your terminal software by the end of April 2018
Did you get a letter from the Paymark network advising you that you need to upgrade your eftpos terminal software before the end of April to avoid disconnection?
Wondering why you need to upgrade?
What’s with all the upgrades?
Card goes in, 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.
Confused? Terminal compliance is an important part of accepting electronic payment, but we know it can be a little confusing. That’s why we provide FREE compliance upgrades on our entire range of future-proofed Verifone devices for our subscription-based customers. Ensuring you don’t have to worry about compliance or upgrades for the life of your contract.
Spend less time worrying about compliance and more time running your business. Want to know more? Apply now.