The Pellucid Perspective - November 2015 - (Page 2)

Golf course operations Payment processing again - Have you inserted your chip card? By stuart lindsay s o the October deadline for EMV Smart Card conversion has come. We got several new cards in the mail in midOctober, but I have yet to be asked to insert a card. In short, as we intimated two months ago, the implementation of these new standards is going to take time. The problem is a series of certification roadblocks: * Every brand and model of terminal must have PCI PTS, PCI-DSS and EMV certification * POS systems must be programmed and certified for each specific terminal if there is to be any accounting or information interface * Your Processor must be certified for all payment options or be forced to limit the payment options available to the golf course merchant The best news about this is that golf courses still have time to make wise decisions. Many of you are getting ready to close up shop for the year, so aside from some Christmas sales, our northern brethren have some breathing room before the start of next season. This "grace" period is going to close eventually. Many of you are already paying "insurance" and/or PCI Compliance fees - be prepared for EMV Compliance fees that will start to appear in early 2016 in order to "encourage" you to get the new terminals. Warning: Your choices of terminals may be limited. Because of the certification issues outlined above, both your current processor and POS provider have to expend time, effort and money to get these certifications for each model of terminal they offer or integrate with. These terminals are also not cheap - the Ingenico iS250 is over $500 and the iS350 is over $700. Verifone and Hypercom are playing catchup with the French based Ingenico products, but the Verifone MX860 is also over $600. The average golf course has 3 or more terminals so it's a big purchase. Good News: At least all these smart terminals have PIN pads so you should start saving money accepting Debit/PIN transactions - as long as your processor and POS platform are properly certified. Before you decide to select expensive terminals from your existing processor or accept a lease offer with an extended con- 2 The Pellucid PersPecTive tract, we advise you to do some shopping. As we said in our last article, Interchange Plus pricing models are emerging and many offer significant savings. We even saw an option with a "cost" pass-through with no markup and a straight monthly fee. A golf course processing $600,000 or more would save additional money over the lowest priced Interchange Plus program we could find. We turned to a processing industry expert for some shopping advice: Phil Hinke, an independent processing cost analyst for Merchant Fee Services, said, "We recommend that you NEVER sign a merchant agreement that has tiered pricing. There are different forms of tiered pricing, but the most common is the three-tier pricing schedule. The three-tier pricing has a qualifying rate, a mid-qualifying rate, and a non-qualifying rate. We have seen numerous merchants lured into what appears to be a very good tiered-pricing rate and not realize that the caveat was it only applied to 10% to 20% of the merchant's transactions. Even worse, the remaining transactions were grossly surcharged much higher rates. In our opinion, you show us a merchant on tiered pricing and we will show you a merchant who is paying too much for processing. We recommend a merchant only sign up for Interchange Plus pricing. However, you need to do your homework on the Interchange Plus pricing being offered. Some merchant account providers claim to offer Interchange Plus pricing but add non-qualifying fees to certain transactions." There's more - new terminal options are coming with more computing power and the availability of developer applications similar to the mobile phone app stores. At our January State of the Industry presentation, I highlighted a couple of these new terminals and their ability to produce valuable analytics, virtually on the fly. One of those featured products, Poynt, was just awarded (October 22, 2015) complete PCI PTS, PCI-DSS and EMV certification. Chase Paymentech, Vantiv and others are already out with Poynt-based processing programs. Not only is Poynt more powerful and capable, it is priced at $299. The Poynt terminals are also engineered to be relatively easy to integrate with a variety of POS platforms due to the ability to readily accept November 2015

Table of Contents for the Digital Edition of The Pellucid Perspective - November 2015

TOC
Payment processing again – Have you inserted your chip card?
Members lose club over gender discrimination suit
NGF Suggests that 30M Golfers Was “A Bubble”
IBM buys parent of The Weather Channel: Why you should pay attention
Beverage cart really a goose laying golden eggs?
October golf weather impact: Neutral nationally, tough for Texas
Boston needs some ‘deflation’ in supply
Singing the blues in Memphis

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