New credit card security standards – the facts

EFTPOS New Zealand, the country’s largest EFTPOS terminal supply company, is reassuring merchants that it is business as usual ahead of MasterCard and Visa’s new EMV and 3DES global security standards.

The new security standards are concerning some merchants and EFTPOS is calling for calm. Some terminal providers are using the new worldwide security requirements - which will bring better credit card protection for both customers and merchants - to scare merchants into upgrading their EFTPOS terminals.

“We’ve received a number of calls from businesses saying they are concerned and confused about the information that is circulating around this topic,” EFTPOS New Zealand Head of Development and Implementation John Collins said. “Businesses are unnecessarily worried about claims from some terminal suppliers that they are sitting on potential time bombs.” The timing of any EFTPOS machine upgrade will depend on the terminal’s current specification and which network it uses for processing. Retailers need all the facts before deciding to upgrade their terminals, Mr Collins said.

“We’ve reminded all our customers that we will provide them with what they need by the time they need it, in order to comply with the new standards.” EFTPOS New Zealand has started its programme of upgrading terminals to meet its June 2007 deadline for all merchants to comply with MasterCard and Visa’s new standards. It is currently targeting its customers on the ETSL network who have the most pressing compliance deadline - 1 January 2006. It involves direct communications with the merchants, free of charge terminal and software upgrades and where necessary site visits by Field Service Representatives to install and train merchants on the new terminals.

It is a long-term process and before June 2007 there are a number of other key compliance dates that some merchants must adhere to - this will depend on their terminal’s current specification and which network they use for processing.

However, EFTPOS New Zealand will ensure all of its merchant’s terminals comply in time for each of these dates.

If merchants own their own terminal or rent from another supplier, EFTPOS New Zealand can provide sensible advice and upgrade options.

If in doubt, merchants can contact EFTPOS New Zealand by calling 0800 338 767 or visiting www.eftpos.co.nz

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