Telemarketers are now plaguing business owners with claims that they need a new credit card terminal by October to read the new EMV (Europay/MasterCard/Visa) chip cards. Is this true?
Well the short answer is no. You can still take credit cards after Oct 2015 without upgrading your hardware. Yes, more and more people will be coming into your business with chip cards. But for now, you don't need a new terminal. Flip that card over: mag strip. Swipe. Boom. Life hack.
However, to be PCI compliant (see earlier post about that), many merchants will need to update their terminal software. If they don't, they may face a small monthly PCI fee.
But preying on misinformation, many sales people are trying to rush people into leasing a new terminal. For example, John at Gene's Deli (9220 SW Barbur Blvd., Portland, OR) (try the Rueben) got a call from a sales person who insisted he needed to lease a new terminal for $50 per month for 48 months. Turns out the 'fancy new terminal' was available on Amazon for $275. But they wanted to charge $2400 plus other fees. Really? 1100% markup? John didn't fall for it and neither should you.
Maybe you do need a new terminal. Maybe you just want one to take ApplePay. Don't lease. Don't buy. Don't be victimized by commissioned sales people.
My company will loan you a new Verifone VX-520 NFC EMV ApplePay (google it) terminal for just $1. And if you don't have a buck on you, heck, you can just have it free. OK, they're free for everyone.
No contracts. No charge terminals.
Let's get down to business.
Jason Hanson, ePOS