MasterCard 2 Series: Why U.S. Merchants May Have To Switch Their POS Terminals
Many U.S. merchants have yet to convert to POS terminals that accept EMV chip cards, for reasons none other than not feeling threatened by rapidly rising e-commerce fraud (a very risky prospect). The MasterCard 2 Series rollout might change that. Not every U.S. merchant will need to upgrade their POS terminals, but many will, especially if:
- Your terminal is between 15-20 years old – no longer with software support
- Your terminal was bought within the last five years – a software upgrade is likely in order
Getting Mixed Messages? Here’s What Merchants Need To Do
It’s easy to understand why the letter above caused my colleague to go into crisis mode. She works for a small business, and upgrading a POS terminal can be expensive. The ISO & Agent article had a similar story in which a merchant was notified that s/he had to upgrade to a new POS terminal, even though theirs was a recent model.
While their PSP stated they needed a full system upgrade, the terminal provider quelled the situation and notified the merchant to say a software upgrade would suffice.
Most merchants keep their terminals longer than they should, some long after their model has been discontinued. Merchants in this category need a frank discussion with both their PSP as well as their terminal provider.