Even though the chip and PIN system is coming, there are still questions about how it will work
I have lost count of how many members have contacted the Association in relation to chip and PIN. As you can see from the article in this edition (on page 42), we are very concerned that the banks have severely underestimated the impact of this change on merchants. Very soon we will have a guide to the services of each of the banks (and non-bank merchant programs). This will include the rate that R&CA has negotiated, the terminal options and the features they provide. Of course, the key features are tipping functionality and bill splitting.
Generating this information is like pulling teeth! The banks quite simply have been looking at this through the cardholders’ eyes. The merchant view has not entered their consciousness—even though we are paying the bill.
There are really very few terminals that work for us. The terminal challenge is compounded by the need for multiple terminals. This not only means higher fees, but also far more complex process for batching off and reconciling.
It seems that it is now we pay the price for the lack of integration between our POS systems and merchant terminals. Stay tuned!
CEO, Restaurant & Catering