REDLAND City businesses have been warned to prepare for changes to PIN and credit card technology, which start today when signature verifications will be phased out.
The changes will be obligatory for all ATMs, cards and payment terminals across the country.
However, research from PayPal Australia suggests small-to-medium enterprises aren't prepared for the change, with more than half (54 per cent) revealing they do not accept chip and PIN payments.
The results also revealed 60 per cent of business owners agreed cash-only businesses would be a thing of the past.
Capalaba business owner Dean Halhed is one of a number of small businesses who will be able to accept chip and PIN payments from smart phones.
Mr Halhed said most small businesses in Redland City were geared up for the changes, which he said would benefit small operators but may annoy some customers.
Customers to his Capalaba Mobile Mattress shop will be able to swipe their credit or debit card, type in their four-digit PIN number and purchase a mattress.
A copy of the invoice will be sent to the customer's email address but Mr Halhed said no card details would be stored on a server.
"This is a great way to stop credit card fraud and speed up transactions," he said.
Redlands City Chamber of Commerce president Garry Hargrave said while most local businesses were ready, it was customers who may not be prepared to stop signing for purchases.
EFTPOS provider Tyro Payments said uptake of chip and PIN payments in small businesses rose 20 per cent to 78 per cent between November and June this year.
Restaurants can offer pay-at-table mobile integrated EFTPOS terminals for those who still want to sign and offer a tip. Other options include smartphone app solutions that process restaurant and bar tabs, which should also come in handy for venues when the signature payments are phased out.
