Your EFTPOS terminal needs to connect to your customer’s bank to complete a transaction successfully. While the payment is happening,this looks like a pretty simple process. However, the transaction is a lot more complicated than it looks. Behind the scenes, this seemingly simple process is completed by the Skyzer Payment Application, which is written to the latest terminal specification and certified by Paymark. This software needs regular updates to ensure it remains compliant and to keep ahead of emerging threats.
In this blog post, we’re going to talk about why you need to keep up to date with your Paymark software upgrades, and what they do for your business behind the scenes.
What does the EFTPOS software do?
Think about your terminal or mobile EFTPOS machine as one point in a payment network. When your customer pays for something through the terminal, it has to connect with their bank to confirm whether or not they have the funds to complete the purchase. This is where Paymark and Skyzer’s encryption software comes in.
In Skyzer’s case, the software connects your terminal to the Paymark network, where more than 75% of New Zealand’s electronic transactions occur. As this happens electronically, this connection can be vulnerable to hackers looking to steal credit card information or funds from you and your customers. This is why it’s crucial to make sure the information is encrypted, and Skyzer’s payment software takes care of that.
Essentially, the Skyzer Payment application takes your customer’s payment data and encrypts it, before sending it off to the bank. Once the bank has received the transaction information, it is decrypted, and further checks are performed to confirm whether the transaction is approved or declined. This information is sent back via the network to your store and shows up as an “Accepted” or “Declined” message on the EFTPOS machine, all within the span of a few seconds.
What does the software upgrade mean for your business?
The methods that hackers use to access your encrypted information are constantly evolving, so Paymark’s protections need to stay one step ahead. A new specification is release each year, which lasts for a certain amount of time before another upgrade is necessary.
The latest standard is called PTS2018.1 Here’s what you need to know:
Terminal Types
PTS2018.1 is compatible with the following terminal types:
If your business uses any of these terminal types and has not already upgraded to PTS2018.1 software, the security of your transactions is not as high as it could be, so we would suggest upgrading as soon as possible.
Installation and Sunset Dates
As of the 1st May 2020 all terminals connecting to the Paymark network must have longer length keys (2048-bit) and be PTS 2018.1 This means that if you have not already upgraded, you will have until that date to do so. It is important to note that the upgrade is not instantdue to a waiting list of other businesses wanting to do the same thing. In addition, the security and encryption on the new upgrades will keep your transactions safe and secure, so it’s better to get it done sooner rather than later.
If you are unsure about how to go about checking and upgrading your software, don’t be afraid to get in touch!
Skyzer Technologies is one of the leading EFTPOS providers in New Zealand, and we’re always happy to help our customers get on track to safer transactions.
Get ahead of hackers with PTS2018.
At Skyzer, we handle EFTPOS hire as well as software upgrades, so you can be sure you’ll walk away with an up-to-date terminal when you come to us. Give us a call today and make sure your business is operating safely! Contact Us