As you have maybe already heard, the regulations concerning POS terminals have changed since Monday 11 May 2020, raising the maximum payment limit to €50 for contactless payments.
This is a major advantage for merchants, who can thus reinforce the barrier measures by allowing their customers to pay higher amounts without having to use the POS terminal keypad. This payment facility for customers is therefore a health advantage for merchants, but also an additional means of payment that can generate increased revenues.
If you do not yet have a contactless POS terminal in your company, you are currently in the ideal situation to equip yourself with one!
If you decide to upgrade to a contactless POS terminal, do you need to change your bank terminals?
If you already have a contactless POS terminal, the “unblocking” of the previous payment limit of €20 has in principle already been done via a remote upgrade.
If you wish to offer contactless payment to your customers and you do not yet have a contactless POS terminal, you will have to acquire this new hardware, or modify yours if it is not compatible with the new €50 limit.
Do customers have to change their credit cards to benefit from the new €50 limit?
In the vast majority of cases, it is not necessary for them to change their card. Depending on the type of card, either an update has been carried out on their bank’s computer system, or a remote upgrade of their card has been carried out when making a payment with a PIN code, or when making an ATM withdrawal.
So you have now decided to switch to “contactless”?
If this is indeed the case, or if you still have doubts, please contact us so that we can put you in touch with our expert on the subject!
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