For months, we have been talking about PCI/PED Compliance and how security mandates are requiring changes to the equipment we use to process PIN (Personal Identification Number) based debit transactions. Now that the compliance deadlines have passed, many of our merchants are receiving compliant PIN pads in the mail and are being given the option to replace the equipment or discontinue the acceptance of PIN based debit cards. Here are a few things to consider in order to make the best decision for your business:
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#1- Should I Be Using a PIN Pad?
With all of the recent changes to debit card pricing, it would be a good time to have our team evaluate whether accepting PIN based debit is still the best and most effective way to process your transactions. Calculating the cost difference between PIN based and non PIN based processing is a great way to make sure you are reducing your processing fees as much as possible. If accepting PIN based debit is no longer the most cost efficient option for you, you will want to arrange to have the PIN pad removed.
#2- Is My Staff Properly Trained?
Once you determine the most cost effective way to accept debit cards from your customers, you may want to spend some additional time training and explaining the cost differences with your staff! Often times, staff members get excited about helping the company save money. We can also assist with laminated signage to remind your team when PIN based debit is a good option versus running the card w/o prompting for a PIN.
#3- What If I Don't Retire My Non Compliant Device?
Merchants processing with TMC will no longer be able to accept PIN based debit transactions if they are not using a PCI/PED compliant device. The security of your cardholder's data is a top priority at TMC and preventing the businesses that we serve from having to pay heavy fines, should a breach occur, is even more important!
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Accepting credit cards helps to increase your business!
Making sure you are accepting credit cards in the most cost efficient way possible is just GOOD business.
Contact a member of your TMC Team today for assistance with this and any other issue related to your electronic payments!
