PIN-only: a boon to business or a major setback?

The phasing out of signatures for most Australian credit and debit cards from August 1 could catch some small and medium enterprises flat-footed.

The phasing out of signatures for most Australian credit and debit cards from August 1 will further protect consumers against fraud but it won't be smooth sailing small and medium enterprises (SMEs) unless they prepare themselves for the change.

The move to PIN-based transactions has the potential to adversely affect business performance in the travel, entertainment and hospitality sector, with customers no longer able to sign their bill, and tip, at the table.

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