For merchants, the cash register is one of the most important areas of operations. As a main component of taking in revenue, it is important for business owners to ensure their system is updated and firing on all cylinders. From proper credit card processing solutions to secure point of sale software, all organizations need to make sure they are ready to handle any challenges of the payment industry.
Recently, the PCI Security Standards Council met and debated a number of different topics, including updates to the PCI Data Security Standard. Bob Russo and Troy Leach, two members of the council, spoke with Bank Info Security about what changes could be coming down the pipeline when Version 3.0 of the Payment Card Industry's DDS and the Application Data Security Standard is released in November.
According to Russo, many of the changes that are being made are based on feedback from the board of advisers and the PCI community at large. Key areas that were discussed include passwords and authentication requirements and third-party risks.
Leach added that a big focus of the updates will revolve around merchant and point-of-sale security.
"We continue to see attacks directly against merchants using malware, and they're usually using two or three forms of malware in order to create the compromise," Leach said. "Malware will continue be a heavily emphasized point by the council."
When these changes go into effect, all merchants will need to evaluate their cash register solutions to make sure they remain compliant when it comes to all security measures.
Customer's preferences have influence over POS systems
While it is important for merchants to upgrade their point of sale systems when security protocols are revamped, it is not the only reason why organizations should consider making a change.
Recently, mobile point of sale company I Love Velvet released the results of a consumer survey. According to the numbers, 51 percent of Americans believe the cash register's days are numbered. Some even went so far as to say that it would be gone soon. Consumers are looking for merchants that have implemented mobile and cloud payment options.
According to Pascale Juan, the COO of I Love Velvet, these numbers show that consumers are telling merchants to get with the times. Forty-six percent believe retailers are more tech-savvy if they have these systems. On top of that, 37 percent are more likely to recommend that company to a friend.
"The report reveals a major opportunity for savvy retailers to proactively educate their customers on MPOS," said Juan. "Providing customers with a wealth of information via dedicated emails, on the retailer's website as well as at check-out will help raise consumer confidence – ultimately helping retailers more efficiently and cost effectively check out customers."
Merchants need to be aware of what is going to happen in the payments industry if they want to keep their customers happy and stay compliant with all security measures. With the help of a retail payment solution provider, any merchant can take the steps toward improving their point of sale system.