As times are changing, so is technology. Over the years, payment technologies have been perfected time and again. From mobile wallets to securer transactions, POS technology is significantly impacting how consumers make purchases.
Because buyers’ expectations are increasing, so are merchants’ requests for MICROS support. The point-of-sale (POS) shift from traditional processing will have an equal impact on POS manufacturers, resellers, and consumers alike, hence it is something everyone should keep in mind.
1. New BINs
Moving forward, the usual standards and regulations for POS payment options will continue to evolve. MasterCard is expanding to 2-series Bank Identification Numbers. This primarily impacts banks and card issuers as they will have to start distributing new credit cards with the new BINs.
2. More Secure Protocols
Companies will have to disable all SSL protocols and transition to SHA-2 and TLS 1.2. This leads to improved safety and security as compared to the current, insecure encryption protocol. This will affect POS resellers and manufacturers simultaneously. Resellers will need payment solutions that provide the TLS 1.2 encryption, and manufacturers will start integrating those same capabilities into the hardware.
3. EMV Transition
Many merchants are still struggling with the switch to EMV. For merchants this means adding new technology and internal processing to support the chip. For consumers, it means activating new cards and learning about a new process.
4. More Mobile Payment
For the sake of convenience, mobile payment options will continue to expand in the years to come. Apple Pay reports one million new users per week, which means major players like Samsung and Android will soon join the movement. Mobile wallets are popular due to how to fast, efficient, and seamless they are.
This increased demand will drastically impact small business merchants and how they provide payment services. Additionally, mobile payments will support the rise of an on-demand economy. Using a smartphone to order ahead of time and having packages arrive right at your door within hours will significantly impact retail and hospitality industries.
5. The Need for PCI-Certified Professionals
A new security program has been implemented for level 4 merchants, or those who have less than 20,000 Visa or MasterCard eCommerce transactions annually. When installing a new POS system, level 4 companies are only permitted to use Payment Card Industry (PCI)-certified Qualified Integrators and Reseller (QIR) professionals.
For companies like Postec, obtaining a QIR certification is the first step since it outlines best practices for quality assurance. Merchants should work with PCI-certified to ensure their install stays up to par. Postec provides education around the importance of firewalls and password management.
These tech changes will impact everyone in one capacity or another. Now more than ever, merchants need to be cognizant about the innovations that are coming. Work with Postec, a PCI-certified company, to ensure you’re providing the best payment solutions to your customers. Contact us today for MICROS support or training for your POS solutions.