What New PCI Mandates Mean for ATM Owners
Do you own the ATM in your business? If so, you’ll want to pay attention to this. The Payment Card Industry Data Security Standards (PCI DSS) recently updated their mandates, with two upcoming deadlines and odds are it will affect your ATM.
But don’t worry! We’re here to break it down for you.
What is PCI?
First things first. Let’s talk about what PCI DSS is. It’s a set of security standards created by the major credit card companies to ensure businesses that accept card payments are taking the necessary measures to protect their customers’ sensitive information. These standards are constantly evolving to keep up with the ever-changing threats from criminals that want to steal consumer data.
PCI Key Block Requirements
The new PCI mandates or PCI Key Block Requirements, designed to strengthen the encryption of the data transferred from the ATM to payment processors, require ATM owners to have the newest PIN Pad on the machine and the most up to date software and firmware. ATM PIN pads encrypt the data, so it does not fall into the wrong hands.
Here are the deadlines you need to be aware of:
Dec. 31, 2024 – All ATMs with older PIN pads must be upgraded. If your ATM was manufactured in the last few years, odds are you have the correct hardware. Upgrade kits are available for some older machines, but keep in mind some machines will not be upgradable and will need to be replaced. If you are unsure if your ATM has the most up to date PIN pad or will need to be replaced, contact us.
Jan. 1, 2025 – Software and firmware that operates the PIN pad must be loaded and turned on.
What Happens if You Don’t Upgrade?
If your ATM is not upgraded by the deadline, it will not work. The payments networks have been very clear, ATMs not upgraded will be turned off.
Now, we know what you’re thinking. “This all sounds like a lot of work. Why should I bother?”
Well, for starters, if your ATM is not upgraded, customers who frequent your establishment to get cash will have to find a new ‘favorite ATM.’ Not to mention, the income you’re receiving every time someone makes a withdrawal will stop.
With more consumers turning to cash to make ends meet and combat rising prices due to inflation, not having a working ATM on-site could affect traffic and/or turn off regular customers. More customers using debit and credit cards will also affect your profit margin in the form of higher card processing fees. And let’s face it “who can afford to pay a four percent card processing fee when a customer buys a low-ticket item like a pack of gum or a fountain soft drink?”
We’re Here to Help!
The new PCI mandates may seem daunting, but they are ultimately a good thing for ATM owners and customers. By upgrading your ATM, you’re helping to protect your business’ reputation, your customers’ bank account information and you’re doing your part to prevent fraud.
If you’re not sure whether your ATM needs to be upgraded or replaced, contact us and we’ll help you figure it out.
But don’t wait until the last minute. The US is still having supply chain issues and as we get closer to the deadline, technicians available to install new PIN pads and the software needed could become an issue.
Ensure your customers have easy access to cash.
Reach out to us about having a hassle-free ATM installed in your business.
Give us a call at (800) 849-3029 or email us today!