Both networks have now confirmed a grace period for those merchants that have yet to upgrade. Both Paymark and Eftpos New Zealand. This from Peter Mcleod, Managing Director at Eftpos New Zealand in the New Zealand Herald.
What does this mean for retailers, and what happens if I haven’t upgraded by January 1?
Most existing eftpos terminals can be upgraded to the new standards by a relatively simple software upload, which will be done by the eftpos terminal provider. Some of the older models, such as those without chip card readers, will need to be replaced. The costs of doing this depends on the eftpos provider, the model of eftpos terminal, and whether it’s owned or rented.
The official upgrade deadline is January 1, 2008, but in recognition of this being in the middle of a busy time for retailers, there will be a short grace period to ensure all terminals are upgraded. Merchants are being encouraged to upgrade as soon as possible to avoid a last-minute rush and to ensure they don’t put themselves at risk of being disconnected.
Will retailers get cut off from the network if they don’t upgrade?
It’s important that New Zealand doesn’t fall behind the global timeframe. No set time has been given for a final “drop dead” date, and this decision will be made by EFTPOS New Zealand and Paymark as eftpos network providers. No merchants will be switched off without first having had plenty of warning and every opportunity to upgrade.