Retailers warned to upgrade Eftpos systems or risk losing them completely
New Zealand's Eftpos system is due for a major upgrade next year and retailers are being warned that they need to upgrade their Eftpos tech or lose the service entirely, according to payment technology provider Smartpay.
The new Eftpos upgrades will feature better technology and software to combat fraud prevention as newer payment options develop. With the constant upgrades, older Eftpos systems are 'sunsetted' when they become obsolete. Eftpos 6.1 and PTS 2013 are next in line and will no longer be supported in New Zealand from April 30.
“This will be one of the most significant technology upgrades in New Zealand since the switch from analogue to digital television. Just like analogue TVs stopped working in 2013, Eftpos terminals with older software will no longer function from the end of April 2017," warms Bradley Gerdis, Smartpay's CEO and managing director.
As a result, the company is on a mission to create awareness amongst retailers and consumers, particularly the 20,000-40,000 retailers nationwide thought to be affected by the changes. Gerdis says that the new software will better support contactless tech for consumers, but after the new upgrades retailers will have a choice whether to offer it.
“Not all retailers will choose to use this function, but if consumers continue to increase their use of contactless technology it will be more difficult for them not to," Gerdis says.
Smartpay will be automatically upgrading its customers' systems to the latest software, but some terminals will need to be either upgraded or replaced.
“We will be working with Paymark to help our customers see if their terminal needs upgrading. This is similar to how the earliest editions of the iPhone may not be compatible with the software from the latest version," Gerdis continues.
He believes that retailers and consumers will be able to take advantage of online Eftpos as the company continues researching new payment methods.
“Smartpay has developed a range of payment apps and online payment options for various industries and we are working on new, innovative payment solutions which we intend to bring to the New Zealand market in the near future," he concludes.
The Eftpos 'sunsetting' software schedule is as follows: