INDUSTRY UPDATES FROM UMS Banking, Payment Processing Services
The world of credit card and payments processing with equipment that remained reliable and usable for more than a decade has now turned into a highly regulated industry, driven by changes every 6 months to a year, which upend the entire industry and its clients and components.
UMS Banking, has been your solution provider, in business since 1987, providing solutions and services to help you better your bottom line.
We have compiled this current list of industry changes and updates, predominantly focusing on equipment or system updates which handle data security management and fraud reduction.
Much of this is technical in nature. Here is the key – these are not suggestions or something we came up with to give you more things with which to fill your busy schedules. These are industry wide requirements. Compliance is being required and regulated. Deadlines are being set. Fines are being implemented – where a business does not meet the deadlines.
We want to help you stay focused on YOUR business and its success. The good news is, for the time being – once you are compliant and have done the upgrades being required, you will be left alone to focus on your business development. Being compliant will also save you being fined by the processors, Visa and Mastercard and even government regulators. A “negative” savings.
The other aspect tied into equipment upgrade selection and other system updates, is how we can help you prepare for new opportunities to attract more business, resulting in higher profits. If face to face retail based, then you either have a terminal or a point-of-sale system that should accept EMV (chip card technology) cards. But, with the same terminal upgrade, you should also be adding NFC (Near-Field-Communication) also known as “tap and go”. This will accept not just special cards set up for this, but also mobile phones with this technology. This is as secure or more-so that even EMV chip reader technology.
But, we get ahead of ourselves here. What follows is a list of current system and terminal upgrade requirements with a write up on each on why and how to become compliant.