Diners will have to remember even more secret numbers when credit card start banning the signature.
With credit card fraud on an ever rising scale, verification by personal identification number (PIN) by the end of this financial year is evident.
The culmination of sales staff failing to double check signatures and level of ease to forge a signature are some of the many reasons credit card fraud continuously occurs and ultimately cost the industry billions of dollars.
So how does this impact the hospitality industry?
By 30th of June 2014, Banks and the Australian Retail Association are hoping for signatures to be out the door. As a result, hospitality operators will have to rethink how they will handle credit and debit payments.
With the capability for EFTPOS terminals to be fully integrated with the Point of Sale, diners will be able to comfortably and securely pay for their meal without loosing sight of their credit card.
We offer EFTPOS integration with a number of providers, the latest technology is TYRO.
For the full report check out the following link: http://www.smh.com.au/digital-life/consumer-security/pin-or-pin-visa-mastercard-seek-ban-on-credit-card-signatures-20130723-2qgf4.html