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13/09/2009 -
As today's technology gets more advanced - and hackers find new ways to keep up - the payment card industry data security standards (PCI DSS) regulations will continue to be updated to ensure that businesses are keeping their customers' credit card information safe and secure. However, this may involve new technology and point-of-sale (POS) terminal requirements, which could force merchants to buy new equipment to maintain compliance.
And for small businesses in particular, especially considering the recession's impact on profit margins, this could be an onerous expense.
For example, in the U.S., Visa recently mandated that all POS terminals be upgraded to triple-DES encryption for PIN-based debit cards.
"All things being equal nobody would turn off PIN debit because of the cost," Gray Taylor, a payment consultant for the National Association of Convenience Stores, told DigitalTransactions.com. "The stake in the heart really is the PCI PED (Payment Card Industry PIN Entry Device) upgrade. And that's costing anywhere from $2,500 to $3,000 per dispenser."
Instead of having to choose between eliminating credit card processing - which can severely damage a business' revenue - maintaining PCI compliance or paying for expensive new equipment, businesses should find a payment processing provider that allows free upgrades on POS terminals if they become noncompliant with standards, to safeguard both their PCI compliance and their bottom line.
