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Edge One, Author at Financial Equipment for Retail & Financial Institutions | Edge One LLC

Upcoming PCI / EPP Compliance Mandates

In 2019, PCI (Payment Card Industry) announced new revisions for PCI PIN security requirements. PCI’s function is to set standards that ensure secure handling of customer PINs and data. PCI planned for a phased implementation of updates to provide a more secure method of transferring encryption keys from an ATM’s host processor to the ATM. Circumstances, such as Covid-19, resulted in an update to the compliance deadline dates. The dates below reflect these changes.

PCI PIN Security Requirement Dates:

  • December 31, 2022: Replace ATMs or upgrade EPP for ATMs with PCI PTS v1 or older
    (v1 EPPs are Less secure technology)
  • January 01, 2025: EPP hardware, firmware and software uses TR31 Phase 3 “Key Blocks”

Are your ATMs compliant?

In order to ensure the integrity of your ATMs, the current hardware and software needs an update. Failure to do so leaves your ATMs vulnerable. These vulnerabilities include risk of fraud, security attacks, data compromises and loss of revenue. As an ATM owner, the ATM networks consider you liable for any fraud or data breach involving your ATM. You could assess penalties or have any non-compliant ATMs shut down.

What actions should you take to ensure your ATMs are ready?

Prior to January 1, 2025, all ATMs will require, at a minimum, a software update. In addition, you may be required to replace your electronic PIN pad (EPP) or your ATM entirely. If you own or operate an ATM, do not leave this to chance. Contact the team at Edge One at 800-423-3343(EDGE). We will help audit your ATM fleet to ensure you are updated and compliant.

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Staffing Shortages in Banking
Does your branch experience reflect the new normal?

Help Wanted Sign in Window - Staff Shortages in Banking

The last couple of years have been difficult. The pandemic showed up and turned the world upside down. In 2020, as the government and health professionals sought to contain the spread of Covid-19, life changed. Schools closed and many began working from home. We saw businesses faced with the difficult decisions of shutting down or finding safe ways to continue operating. The impact was devastating. Too many businesses were unable to recover. Those who have, have had no other option but to adapt.

In 2021 we saw things begin to open back up. With the availability of vaccines, mandates and regulations have begun to lift. People have returned to the activities they had missed. Going out to eat, taking in a movie, watching live music. Things have seemed to be returning to some form of “normal”. Yet, there is something that didn’t return. Workers. By now, everyone has seen the “Help Wanted” signs everywhere. Restaurants, retail stores, healthcare, and even banks are looking for help. For many, returning to work was either too risky or not an option due to individual circumstances. Every industry is experiencing some sort of staffing shortage, and it is impacting everyone. Flights are being canceled, there is a disruption to the supply chain, and some stores have reduced their hours or closed completely. Businesses are once again looking for ways to continue to operate or face going out of business.

Help Wanted Sign in Window - Staff Shortages in Banking

Increasing efficiency during staffing shortages

While adding staff would be a seemingly simple solution, this staffing crisis doesn’t seem to be going away anytime soon. One way that businesses can help mitigate this situation is by improving efficiency. By automating time consuming tasks, businesses can get more done with less manpower. This not only has the obvious benefit of remaining open and operational but can also help to save money. At Edge One, we offer a selection of equipment and services that can help you to improve the efficiency of your business operations.

Cash Automation

For businesses who handle a lot of cash, employees must take time away from other duties to count down tills, perform audits, and secure cash. Manually handling cash is not only a time-consuming process, but it increases the risks of theft. Security experts estimate that between 25 to 40 percent of employees steal from the companies they work for. The use of cash automation technology can reduce the amount of time staff spends handling cash. This reduces theft and accounting errors while improving the ROI.

    Edge One Cash Automation Products

Cash Recyclers

Coin Counters & Sorters

Cash Discriminators

Self Service Bank Kiosk

Self-Service Kiosks

The pandemic forced banks to close their doors and encourage their customers to use alternatives for their banking needs. Contactless options, such as digital banking and drive through tellers, have allowed banks to safely continue to service their customers.  Now, financial institutions are facing the staffing shortages that are plaguing other industries. Banks and credit unions must find new ways to increase efficiency while. By using Self-Serve technology, they can enhance their customer/members relations and improve teller efficiency. Products, such as NCR’s SelfServ line, allow customers the option to handle their own banking transactions 24 hours a day, 7 days a week. This frees up tellers to focus their efforts on other tasks, while still providing your customers access to the services they need.

Interactive Tellers (ITMs)

ITMs provide another way that financial institutions can further optimize their business operations. Drive through teller lanes have helped banks and credit unions service their customers/members during the pandemic. However, one downside has been longer lines and increased wait times. And you still need branches adequately staffed to manage these lanes. Virtual tellers offer a way to maintain that “face-to-face” contact using less tellers. Tellers can be located in a single centralized location, with the ITMs as their satellite locations. Many financial institutions who have adopted Virtual Tellers have found they needed less real estate to service the same number of customers.

Woman using an interactive teller ITM
White Armored Car - cash-in-transit services from Edge One

Armored Services

Another opportunity to improve efficiency is with armored car services. No need for staff to transport deposits, taking up valuable time and risking robbery and theft. Armored vehicle services can handle cash and check pickups, processing, and ensure your ATMs / ITMs are always ready for customers with cash replenishment. Free up your existing staff so that they can focus on other tasks.

ATM Managed Services

Edge One offers an ATM managed services program that helps reduce the tasks that you and your staff have on your plate. With our managed services, we handle everything. From purchasing the equipment, to ensuring it is always up to date and compliant, to analyzing the profitability of the terminal. The only thing you have to worry about is supplying cash and reviewing your easy-to-understand monthly statement.

Ready to Run Your Business More Effectively?

Whatever the situation, the experts at Edge One can help. Contact Us and we will help save you valuable time and money. Give us a call at 800-423-3343(EDGE) and we will put you in touch with a Financial Industry Solution Specialist will help you come up with a tailored solution that fits your needs.

Are We Headed Towards a Cashless World?

Cashless society signs

Since PayPal launched in 1999, we have seen a dramatic transformation of the payment landscape. Digital payment technology has continued to advance with bitcoin, mobile wallets, and pay by app options.  Digital payments are being adopted everywhere, from your local grocery store to the corner coffee shop. As of 2019, global digital payment volume reached a staggering $4.1 trillion. It is clear that consumers are growing increasingly comfortable with these technologies.

While the movements to digital payment options was already evident, the pandemic saw a shift in digital over cash usage. Cash is made of a fibrous material, and a notorious germ spreader. Thanks to the fear of Covid-19, cashless innovations have only continued to rise. This has left many speculating that we may see a future free of all forms of cash. While studies are showing that we may be headed towards a “less cash” society, completely cashless is unlikely.

The Problem With Going Cashless

Going Cashless is Discriminatory

During the height of the pandemic, some businesses chose to eliminate the use of cash as payment to help avoid the spread of the Covid-19 virus. This was met with mixed reactions. While some accepted and understood these business’ decisions, others felt this was discriminatory.

In a 2019 report by the FDIC it showed that 5.4 percent (7.1 million) households were unbanked. It also showed that the majority of those unbanked households are homeless, minorities, and low income. A move to cashless would result in this 5.4 percent being excluded from operating in society, making the already vulnerable even more vulnerable.

Checks Cashed Neon Sign - Unbanked households
Image of 100 dollar bill with stickers - online shopping privacy

Privacy

The problem with digital, is that everything can be tracked. Consumers already must deal with retailers tracking their every move. There is a constant fear of having their data sold, hacked, and even stolen. In recent years, there been a growing awareness of online tracking and a push for digital privacy regulations. There are now protections in place to govern what websites and online retailers do with consumer data. So, what about in-store transactions? Consumers should have the right to privacy when it comes to the purchases they make. Paying with cash allows for purchasing goods and services, while keeping transactions private.

Is Cashless legal?

There are no laws that exist prohibiting businesses from not accepting cash as a form of payment. However, some lawmakers are taking action to keep businesses from discriminating against those who wish to pay with cash. The cities of New York, Philadelphia, and San Francisco, as well as the States of New Jersey, Rhode Island, and Massachusetts have laws in place to protect those unbanked customers who rely on cash. Many more lawmakers are proposing bills that would require businesses to accept cash.

Cost

Cashless payments may be convenient for consumers, but they are expensive for businesses. If you are a business owner that accepts cashless payments, you are already familiar with the fees. In 2019, card issuers made $80billion in transaction fees. In addition, online payment services such as Square and PayPal, also take a percentage of sales for the privilege of using their services. For a small business, all these fees add up quickly.

FEES on calculator - Merchant processing fees

Cash is Still King

There is no doubt that we will continue to see growth and advancements in the digital payment landscape. But there are still real needs, and benefits, for paying with cash. Here at Edge One, we are experienced and knowledgeable when it comes to cash handling. We carry a wide range of products designed to keep your cash handling processes efficient, safe, and security. For more information, check out our Cash Handling Products or Contact Us at 800-423-3343(EDGE)

Cash Management for Cannabis

cannabis leaf on a pile of cash - cash management for cannabis

The cannabis market has seen tremendous growth over the last several years. Medical marijuana is now legal in 36 states, with 18 legalizing recreational use. Cannabis sales in the United States is projected to reach $92 billion by the end of 2021. This is an increase of more than 30% over the past year. Experts are projecting that by 2025 the cannabis industry should see upwards of $160 billion. And, with the growing acceptance of the idea of legalizing marijuana, we should see these numbers continue to rise.

Despite a growing acceptance and an increasing number of states allowing some sort of legal sales of cannabis, it is still considered a “schedule 1” substance by the DEA. This means it is still illegal at a federal level. Banks under the FDIC are bound by federal law. Under strict interpretation of this law, banks are unable to offer cannabis business even basic banking services. This includes loans, credit, and even checking accounts. Accepting, transporting, and even storing money earned from cannabis becomes complicated. Until federal laws change, cannabis businesses are in a tough spot when it comes to cash management.

The Cannabis Cash Management Challenge

Without access to services such as online payments and credit card processing, cannabis businesses have no choice but to deal in large amounts of cash. Managing the cash necessary for daily business is not only a challenge, but it can be dangerous. It creates risk factors such as employee theft, accounting errors, and robbery. Cannabis retailers need a safe way to count, transport, and store their cash.

Easy Access to Cash

The cash challenge isn’t just limited to you and your business. It applies to customers as well. Not everyone carries cash in their wallet. Having an on-site ATM allows your customers to easily withdraw cash and purchase the products they need. Easy access to cash can provide revenue for your business through increased sales and ATM surcharges. Edge One has retail ATMs that can provide your customers on-site access to cash.

Cannabis ATM
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Safe and Efficient Cash Handling Solutions

When it comes to receiving cash, the risks are many. The money must be counted, moved, and stored. The more cash is handled, the more the risks increase. The use of cash automation equipment can help you reduce these risks while increasing efficiency. Edge One sells an assortment of cash automation products that ease the handling of cash and coin.  With cash automation, you can quickly and accurately count, store, and dispense the cash needed for daily operations. And, by reducing the number of hands touching and counting cash, you reduce the risks of accounting errors and employee theft.

Safe Cash Management for your Business

If you run a cannabis business and are struggling with the management of your cash, we can help. Our cash automation experts can help you determine the solution to fit your needs and budget. We can handle it all, from sales and installation to service and support. To find out more, Contact Us at 800-423-3343(EDGE)

The Shift to Software Subscriptions

Saas image - The Shift to Software Subscription

Consumer behavior is shifting, and many find the convenience of subscription appealing. From streaming television and music to meal preparation and household cleaning products, consumers now subscribe to almost everything. It is convenient. It is easy to just enter in your credit card and have a service delivered to you. Software is no exception. Over the last decade, we have seen software companies making the shift from traditional licensing to a subscription model. Experts are estimating that by 2023, 53% of all software revenue will come from subscriptions.

Why the shift?

It isn’t just the consumers driving this change. Companies are increasingly switching to a subscription-based revenue model. Subscriptions mean a consistent source of revenue that businesses can depend on. It isn’t just beneficial for businesses, however. Subscription based software also allows for affordability with a lower barrier to entry. Rather than a large sum paid out for a piece of software, you pay smaller amounts over time. Add in no-long term contracts, and it is easy to see the appeal of this software purchase option for the consumer.

Perpetual Licensing

Perpetual licensing is the more traditional model we are all familiar with. You pay a fee up-front for the right to use the software indefinitely. While this may sound like the more appealing option, there are limitations. Typically, the license may include some limited support and updates for a short time frame. Once that time is up, you no longer have access to those updates or support. Additionally, the software may be tied to a particular piece of hardware. If you upgrade that hardware, you are left having to re-purchase the same software. That can get expensive. Often a perpetual license comes at a large price tag. This barrier to entry can be cost prohibitive for small or start-up businesses.

Image of Software - ATM software from Edge One
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Subscription Licensing

With software subscriptions, consumers pay a monthly or yearly fee for access to the software. Sometimes there is a per-user fee. While subscribed, users can use the software and have access to support and updates, indefinitely. The subscription is typically tied to a user, not a piece of hardware. Meaning, you can continue using the software, even if you upgrade your hardware or change your system entirely. The up-front subscription fee is typically much lower than a traditional license, making it more affordable to get started.

ATM Software Subscription

With the move to software subscription happening everywhere, it should come as no surprise to learn that most major ATM manufacturers are doing the same thing. To streamline software offerings, subscription offers a much more common industry practice. Edge One always strives to be on the cutting edge with our hardware and software offerings. We have already begun updating some of our software offerings to reflect these changes. As always, we work to provide our customers with top-notch value and service.

Edge One’s Software Subscription Value

Simplification: Simpler product structures mean you only pay for what you use. No need to re-purchase every few years.

Entitlement: License transferability is now permitted on subscriptions. Licenses are no longer tied to individual hardware. this means there is no need to buy new licenses when hardware is replaced.

Flexibility: Simpler fleet management. Add/remove hardware, software options, or products. Adjust your subscription based on your needs. This provides a flexibility that legacy perpetual licensing didn’t have.

Choose Edge One for Your ATM Software

Edge One has always brought to the table a comprehensive list of offerings to keep your fleet in top shape. We have the latest in software offerings and software maintenance to keep you up to date and running smoothly. Our Compliance Audit Program ensures you remain PCI compliant. And, if you want to focus less on your ATMs functionality and more on running your business, Edge One’s ATM Management Program delivers. To find out more, Contact Us at 800-423-3343(EDGE)

Cencon Lock Product Update

Alert Icon - Potential Alarm Override at ATMs

Potential Alarm Override at ATMs

Edge One has been made aware of a potential security vulnerability that could exist for customers deploying the DormaKaba Cencon locks, installed on your ATM or ITM, configured with the optional SHUNT feature. If the SHUNT feature is enabled, access to your ATM/ITM safe, generally after hours, would be allowed with the alarm being bypassed when a correct combination and smart key are used on the Cencon lock. Specialized tests have shown, however, that this signal can change state with relatively low-level vibration or impact, which could compromise the intended security of the lock, depending on how the SHUNT function has been configured. Meaning, if your DormaKaba Cencon lock is impacted or tampered with in a certain way there is potential to disarm the alarm without any sort of key or combination.

Due to the serious implications of inaccurate alarm signals reporting, Edge One recommends that customers apply remediation to mitigate against this issue.

This will not impact you if ANY of the following are true:

  • The ATM/ITM does not have a DormaKaba Cencon lock.
  • The ATM/ITM safe is not alarmed.
  • There is no afterhours access to the ATM/ITM.
  • You are using an alarm panel at the ATM/ITM to disable the alarm.

You may be impacted if:

  • The ATM/ITM is alarmed and does not have an alarm panel or box to disable the alarm.
Alert Icon - Potential Alarm Override at ATMs

Edge One Recommendations

Edge One recommends that customers determine if they are impacted by the potential alarm override. If it’s determined that you may be impacted, we recommend reaching out to your alarm and security vendor. They will need to configure the DormaKaba SHUNT feature to use the burglar switch rather than the lock shunt.  Feel free to supply them the attached diagram and instructions.

This recommended remediation will require a site visit to each impacted terminal by your alarm vendor during which they will require access to the safe. Note: DormaKaba, Kaba Mas and Mas Hamilton all refer to the same product.

If you have questions, feel free to contact your Edge One Financial Solutions Specialist.

Get Rid of High Credit Card Processing Fees

In today’s world, it is essential for businesses to offer their customers the ability to pay by credit card. But unfortunately, credit card processing comes with fees. For every sale made, Visa, MasterCard, and other credit card platforms take their cut. And these fees are increasing. In the past 10 years, fees collected by Visa and Mastercard have more than doubled. For a small business operating with thin margins, these fees can be taxing. Some businesses have been forced to stop accepting credit cards, while others have tried offsetting these costs by raising prices to recoup these fees. What if you could virtually eliminate these costs? With the cash discount program from Edge One, you can do just that.

Help Your Revenue Grow

Credit card fees may not seem like much at first glance, but they add up. Fortunately, there is a way to reduce credit card processing fees. Business owners can offset credit card processing fees while collecting more sales revenue through a cash discount program. These programs allow businesses to offer incentives to customers who pay with cash rather than using a credit card. Those who choose to pay with card pay a specified amount, with the processing fees built into the cost of the product. By forwarding fees to the customer, you can maintain product pricing.  Businesses participating in the cash discount from Edge One see an average savings of $12k annually in merchant processing fees.

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Will cash discounting upset my customer?

Merchants have been reluctant to adopt a cash discount program because they are afraid of upsetting their customers. There is little need to worry.  Your customers are not being penalized for using their cards, but rather rewarded for paying cash. Studies have shown that for most consumers, this is not an issue. In contrast, these studies found that consumers are 11% more likely to switch from their preferred payment method to cash when a cash discount is offered. There are many factors that play into a customer’s choice in payment method. They may not have cash on hand or may prefer to use their credit card to receive associated rewards. When polled, very few consumers cited surcharges as a reason for deviating from credit cards.

Edge One provides detailed signage at the front door, time of purchase, and on the receipt. This assures that the customer is aware of the fee prior to making the purchase, giving them time to decide whether to pay with cash or with card. Our customized terminals automatically add the additional percentage in, so there is no extra work or math for your employees.  It’s that easy.

Find out more about Edge One’s Cash Discount Program

We can provide you with a free analysis that shows your current program and how it stacks up against the Cash Discount Program, revealing your savings potential. Our program is risk free. If you decide this isn’t for you, you can return to your original program. Contact Us at 800-423-3343(EDGE) and the team at Edge One will help you choose the program that is best for your business.

ATM Security – What You Need to Know

The Word Security on Screen - ATM security

ATMs have long been a prime target for criminals.  ATMs deliver cash, credit and debit bank accounts, and as technology advances, they can serve even more functions than before.  For thieves looking for quick cash, ATM crime can be enticing. This means that financial institutions and retailers are constantly fighting attacks. Edge One wants to ensure you are informed when it comes to the different types of ATM security threats and the weapons available for their defense.

Image of a Chain - Hook and Chain Physical ATM Attacks

Physical ATM Attacks

These attacks involve thieves using brute force to gain access to the ATMs. A few of the more common types of physical attacks are:

  • Hook and Chain
  • Ram-raid / Pull-out
  • Cash Trapping
  • Explosive / Gas Attacks

Freestanding drive-up ATMs are particularly vulnerable to these attacks. We are seeing an increase in frequency in these physical ATM attacks here in the U.S. Luckily, there are options for protecting your ATMs.

Logical ATM Attacks

As ATM technology advances, so do the methods criminals use to gain access to the funds they contain. Logical attacks are instances where criminals use electronic devices or malware to gain access to the ATM.

These attacks can include:

  • Skimming
  • Jackpotting
  • Malware
  • Black box attacks

To protect yourself from logical attacks, it is critical that all ATM operators remain proactive and vigilant.

The Word Security on Screen - ATM security

Plan Your Defensive Strategy

The most effective ATM security strategy for your fleet is a through a comprehensive, multi-layered approach. The team at Edge One can provide you with a vulnerability assessment and develop a plan to mitigate your risks. Contact Us at 800-423-3343(EDGE).

Hook and Chain ATM Attacks – Are You Protected?

Hook and Chain with a blue sky - Hook and Chain ATM Thefts

ATM crime is nothing new. For years thieves have used methods such as tampering, skimming, and robbery. But as ATM security evolves, so do the techniques used by these criminals. We are currently seeing a rise in the frequency of a type of assault on ATMs called “hook and chain” attacks. These physical attacks on the ATMs can be dangerous and costly. It is important that your financial institution plans your defenses accordingly. Edge One can help.

Hook and Chain with a blue sky - Hook and Chain ATM Thefts

Hook and Chain Attacks

Using a vehicle, criminals target ATMs for this brute force attack. These attacks usually happen from late at night to early morning hours. The perpetrator attaches a large chain or cable to the ATM and accelerates. The force allows them to force open ATM safe doors. These attacks take less than 10 minutes. Even if they are not successful in opening the ATM, the resulting damage can be extensive. Freestanding, drive-up island ATMs are particularly vulnerable to these attacks.

Protection For Your ATM

Edge One can offer a solution to help protect your ATM from these attacks. Through a hardware solution from NCR, ATM criminals can be deterred.

Safe Slot Reinforcement Kits

Safe Slot Reinforcement (SSR) Kits have been designed as a counter measure to “hook and chain” attacks. These kits remove all available space around the dispenser and deposit slots while reinforcing the area around them. This makes it more difficult to damage the module transports and subsequently insert a hook through gaps in the safe door.

Each Upgrade Kit has been uniquely designed to fit around each model. Each ATM requires two kits to ensure total protection. The SSR kits are discreet, as they are not visible once the fascia is closed.

Close up of ATM dispensing slot - ATM Security

Protect Your ATM

At Edge One, your ATMs security is our top priority. We are dedicated to providing you with the best security solutions. For more information about our SSR kits, as well as other security offerings, Contact Us at 800-423-3343(EDGE).