Get Ready for Payment Processing Changes in 2017
Over the past several years the payments industry has undergone sweeping changes. New technology, enhanced security protocols and additional card brand regulations have been introduced. Now, in 2017, your point-of-sale (POS ) system must be able to support these changes.
Do I Really Need to Upgrade
Changes in the payments industry and the aging of POS devices have now made many older, or “legacy” devices, obsolete. Soon they may be completely unable to process card payments. As a result, you may have to upgrade your terminal or PIN pad to a compliant, secure processing solution to be able to keep accepting payments.
Three Reasons Why You May Need to Upgrade Your System
Secure Payment Processing
Older system's payment terminals use a communication certificate to exchange sensitive data over the Internet. It has been determined that these certificates, called SHA-1, are vulnerable to malicious hacker attacks. In 2017, the payments industry will adopt the Secure Hash Algorithm 2 (SHA-2) as a stronger, more secure way to exchange sensitive data using secure connections. POS devices, applications, servers and firewalls must be SHA-2 compatible. If payment terminals are not upgraded or replaced by May 2017 to support the new certificates, the devices may no longer be able to process payment transactions.
Accept New MasterCards
Older systems are not capable of processing the new MasterCard BIN range (222-272)
Traditionally, MasterCard credit cards have always begun with a 5; however this year, MasterCard began issuing new cards that begin with a “2”. POS system software and hardware must be updated to accept the new 2-BIN cards by July 2017,
or payments will fail and fines could be issued by MasterCard for non-acceptance.
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Process EMV “Chip” Cards
Older systems are unable to accept EMV “chip” cards. While EMV acceptance is not an industry requirement, if you are not using equipment capable of accepting the more secure EMV /chip cards, you are now liable for chargebacks caused by fraudulent transactions.
Let Sterling Help You Upgrade Your System
At Sterling, the security of our merchants and your customers is our highest priority. We are committed to help you evaluate your current POS system and discuss the upgraded POS device that can replace your legacy equipment. You may even qualify for an easy, flexible payment plan.
Change is never easy, but Sterling’s POS Upgrade initiative will assist you with all the information, resources and support you’ll need to stay up-to-date with payment industry changes. If you’d like more information about upgrading or replacing your system, click Get Started Now.