In hospitality, the new PIN requirement is causing operational challenges and impacting tips earned by staff from what I hear. I’d love to hear from newsagents how it is playing out.
When using Tyro it is still offering the option to sign. I am not sure what happens if a customer wants to sign. Have been told some overseas visitors have cards that do not have pins?
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Richard
We rang Tyro yesterday regarding this and they advised they are working updating all stores in batches and we will get an email when they upgrade our terminal. Plan to complete all by the end of the month we where told.
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Brendan
Has had no impact on us and to my knowledge we have not had any customer wanting to sign.
I still don’t understand how a signature is NOT secure yet tap and go is OK.Makes no sense at all. Having said that from our side of the counter its so quick especially with customers who stumble over remembering a pin number.
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John
Brendan, tap and go is not secure at all, but I think with the $100 limit they assume the risk is worth the convenience.
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Brendan
John, they do secure the limit but who would possibly believe that they don’t claw back fraud losses through other fees. Banks only ever want higher profits and will not suffer losses without making them up elsewhere. In the end we pay anyway. In Victoria I have heard police reporting that credit card fraud has increased dramatically since the introduction of tap & go.
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Jarryd Moore
Brendan, My understanding is that they also recoup the cost by reducing the amount of cash people withdraw. If people don’t withdraw their cash then it sits in an account longer.
Its also worth noting that it may actually decrease the amount of stolen cash – which is much harder to track and can’t be remotely disabled.
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Brendan
I’m dubious about that Jarryd. Day by day we learn more about how the banks abuse their position, just look at the number of class actions occurring and pending.
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Bill W
I also rang Tyro after we had a sale go through with a signature and was told about the upgrade and a grace period until the end of October.
When using Tyro it is still offering the option to sign. I am not sure what happens if a customer wants to sign. Have been told some overseas visitors have cards that do not have pins?
We rang Tyro yesterday regarding this and they advised they are working updating all stores in batches and we will get an email when they upgrade our terminal. Plan to complete all by the end of the month we where told.
Has had no impact on us and to my knowledge we have not had any customer wanting to sign.
I still don’t understand how a signature is NOT secure yet tap and go is OK.Makes no sense at all. Having said that from our side of the counter its so quick especially with customers who stumble over remembering a pin number.
Brendan, tap and go is not secure at all, but I think with the $100 limit they assume the risk is worth the convenience.
John, they do secure the limit but who would possibly believe that they don’t claw back fraud losses through other fees. Banks only ever want higher profits and will not suffer losses without making them up elsewhere. In the end we pay anyway. In Victoria I have heard police reporting that credit card fraud has increased dramatically since the introduction of tap & go.
Brendan, My understanding is that they also recoup the cost by reducing the amount of cash people withdraw. If people don’t withdraw their cash then it sits in an account longer.
Its also worth noting that it may actually decrease the amount of stolen cash – which is much harder to track and can’t be remotely disabled.
I’m dubious about that Jarryd. Day by day we learn more about how the banks abuse their position, just look at the number of class actions occurring and pending.
I also rang Tyro after we had a sale go through with a signature and was told about the upgrade and a grace period until the end of October.