A revolution is underway in the world of payment processing. Card brands are requiring consumers to use a new kind of “EMV” credit card that has an embedded smart chip. And Apple has released a “digital wallet” (ApplePay) that’s created sufficient consumer demand that businesses, including restaurants, are feeling the need to start accepting mobile payments.
Unfortunately, to accept these new payment technologies, restaurants must invest in new equipment such as EMV readers (for smart cards) and NFC readers (for ApplePay). And this is only the tip of the iceberg. Additional payment processing innovations may require other new equipment. End to End Encryption (a technology that enhances PCI Compliance) requires E2E readers while some digital wallets work with QR Code readers instead of the NFC readers required for ApplePay.
So how can restaurants make smart decisions on their investments in payment processing technology?
The first step is to invest in payment processing software that is guaranteed to work with any and all of the equipment options available today, as well as those that might be available in the future. And this is where the concept of “Cloud Computing” or “Software as a Service (SaaS)” can reap significant rewards for retails and hospitality businesses. A payment processing Gateway Application that resides in the cloud and is regularly updated to work with a wide variety of payment processing equipment offers “Future-proofing” on all the new payment technologies currently available on the market, as well as on those that might still be coming down the pike.
The second step is to consult with a restaurant technology expert who is familiar with the many changes now taking place in the world of payment processing. Data Control Systems (DCS), of Raleigh, NC, for instance, has been migrating all of their restaurant clients over to the NETePay Gateway application while advising their customers to hold off on major investments in payment processing equipment.
“With the EMV Liability Shift scheduled for October 2015, those EMV smart cards are looming large on the horizon,” explains Data Control Systems Owner, Victor Gurganus.
DCS advises clients to signup now for the NETePay Gateway service but has them holding off on purchasing new EMV readers for now. “There are some promising new EMV readers that won’t be brought to market until this summer,“ says Gurganus.
“As long as our restaurant clients are using the NETePay Gateway service, DCS can act quickly to install the EMV readers they’ll need to comply with the Liability Shift without actually pushing them now into an equipment investment they may regret a few months later.”
Brady Nash of BNG Technologies agrees. “In the face of new (and sometimes unproven) payment technologies, a gateway service that offers ‘Future Proofing’ is key,” he says. “Our restaurant clients are signing up for the NETePay Gateway service in droves and are ready to quickly deploy any new equipment that might be required in the near future. But we’re advising that they hold off on actually installing new equipment for the time being.”
If you are looking for more information on “Future-proofed” payment processing please call (800) 356-6037.