Is Your POS Equipment Out of Date?

I was recently reading an article written by

violates Visa and now also Mastercards policies.

This is a major issue and reason why is this important is because if the receipt gets into the wrong hands, identity thieves can run up big bills in your name.

No signature is required for online and telephone purchases. And, creeping into the market, chain stores won’t need signatures for transactions below $25 or $35. Just look at Tim Hortons. (Still can’t believe they only offer MC and not Visa & Debit – kinda 1/3 card processing, but there is not enough room about this in this post).

So who’s problem is this…?

I have a sneaky suspicion it will soon fall upon the merchants and small business owners. Just like a “Chargeback” it’s the merchants burden of proof that any disputed transaction is a real and legit transaction.

SIDENOTE: I’d be real curious to know what the percentage of merchant’s winning potential chargebacks versus not wining these disputes. I bet that merchants lose more than they win. I have nothing to back that up, but after being involved in the merchant account industry for about five years now I have noticed a trend that the credit card processing companies usually have their “butts” covered and if someone is going to pay more it’s usually the merchant/small biz owner.

So, that being said. A warning to all Canadian small business owners. Check your receipts to make sure they are blocking out part of the credit card number to protect your customers from potential fraud. If you notice that your POS terminal is still showing all the numbers then contact your payment processing provider and ask about an upgrade on new point-of-sale equipment or even better – call me! 🙂 I’d more than happy to upgrade your equipment, I might even be able to lower your costs at the same time.

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Matthew Hunt has been helping small businesses get set-up with Canadian Merchant Account Services since 2007 and helped 1000's do so. Join Matthew on Google+.

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