In just a few months, some software pros say marketers should have the software necessary to complete the installation of POS systems that comply with the Europay MasterCard Visa (EMV) standards for chip technology.
Much of the software that supports looming EMV standards should be available by mid-summer, says Randy Vanderhoof, Director of the EMV Migration Forum. The implementation of EMV takes place on October 1, 2015 for in-store terminals and October 1, 2017 for gas pump terminals.
There is no time to waste, according to Vanderhoof. He urges putting a plan in place to complete the upgrade and installing your hardware as quickly as possible or you may have to wait in line. Merchants who fail to act fast enough may not be able to get their systems implemented in time if they wait too long to get scheduled to do that, he said.
You may want to delay implementing software on those terminals, though, until the acquirer (the financial sponsor for the merchant, typically a bank) can provide the application that will support all credit cards and debit cards with the EMV chip, he said.
Keep in touch with your acquirer on just when the software is coming, because the compliance deadlines are unlikely to be pushed back.
Retailers “must understand what the changes are that are coming, do an effective audit of their existing payments acceptance hardware and software, and contact their vendors early,” Vanderhoof said. You can buy terminals and continue to use the older magnetic stripe-only software for a period of time. Once the software is available to support the chip cards, it could be a simple update that could be done remotely or with fairly simple reprogramming, he said.
(Article taken from Oil Express, Vol. XXXVII, Issue No. 17)