Chip And Credit Card Processing- Keep Up Your Business With EMV Compliant Solution
To keep up with business, merchants are adopting the latest technology and financial trends. With the introduction of EMV technology and so chip-and-pin card, it’s essential for merchants to have processing solutions to accept chip cards. In 2019, there are about 3.5 million U.S. merchants who have received chip cards payment from the customers. There are about 842 million chip cards that were in the revolution at the end of 2018. So to keep up with business, every merchant should have a Chip and Pin Card Processing Solution or EMV compliant terminal to accept payments.
Stay tuned with us to know what exactly a Chip and Pin cards are and how it could benefit your business.
What Are Chip And Pin Cards?
Chip and Pin Cards are the credit or debits cards which are used to make a transaction at any retail or online store. To make a transaction, the device requires the cardholder’s personal identification number to be entered into the terminal or at the checkout page when paying online. Once the authorization is done by the customer, the transaction gets processed.
The data of the chip and pin based card are stored in micro-chip embedded in the card. The chip and pin card are more secure compared to traditionally used magnetic stripe cards. It uses an encrypted digital signature which provides additional security during transaction. It generates a non-unique transaction code with each purchase, and the code can be used only once, and after that the code is non-usable. It generates a new unique code with each transaction.
Why Do Merchants Require Chip And Pin Card processing Solution?
Chip and pin card is now accepting word wide and to offer your customer to pay via chip-based card is a smart decision. It helps in your transactional business flow, and it wins your customer trust and loyalty. In today’s time, the credit card reader is a must to have a device, especially if you are a retail shop owner.
A chip and pin card is based on EMV technology and is more secure compared to traditionally used cards. The chip and pin card processing not only helps you to accept payments from your customer, but it also protects you and your customer from fraudulent activities. It helps to counterfeit fraud to a large extent.
If you are a merchant who still is not using EMV compliant hardware, it’s the time to keep up your business with the latest technology and start accepting chip-based cards. We help you to get you with an EMV compliant solution which follows all the EMV standards and keep up with the industry trend.
What Technology Behind Chip And Pin Cards? Is It Secure To Use?
Chip-and -pin card is based on the EMV technology, which is a security standard for payment cards and mobile cards. There are specific standards for contact cards and contactless cards. An international standard ISO/IEC 7816 is used for contact cards and for contactless card ISO/IEC 14443 standards are used, which is also an international standard that defines the proximity cards.
The EMV technology first introduced by Europe in 1994 and it comes in practice to replace the traditionally used magnetic stripe cards which is not much secure in terms of transaction because of the reason that it stores the static data embedded in the black stripe in magnetic cards.
EMV, a payment method which stands for Europay, Mastercard and Visa now become a global standard in the credit/debit card industry. The EMV Technology or EMV cards are categorized as mainly two types: One is Chip-and-pin card, and the other is chip-and-signature based card. EMV cards are also known as EMV smart cards or chip cards. With the introduction of EMV technology, the counterfeit fraud by 76 per cent as reported by the USA payment industry. As per the report by Visa, after the USA began the shift to EMV chips, the merchants in the USA observed a 76 % decline in card-present (C.P.) counterfeit payment fraud.
How Payment Get Processed Through Chip-And-Pin Card
EMV cards are easy to use, and it works with all the terminals which are EMV certified or which are compliant with EMV chip-and-PIN standards. Unlike the magnetic stripe card, the transaction takes place by swapping the card into the terminal. However, the chip-and-pin card transaction works by inserting the card into the terminal and holding the card until the transaction has successfully taken place. When the chip-and-pin card dips into the terminal, the card information flows from the terminal to the card-issuing bank, and it validates the card. If the card is valid, the screen of the card terminal device shows on-screen steps to follow. It asks the cardholder to put his personal identification number(PIN) and asks to proceed. If the cardholder has sufficient balance in his account, the transaction completes successfully, or else the transaction declines.
Chip And Pin Card Vs NFC?
NFC abbreviated as Near Field Communication is a technology that helps two devices with NFC technology to communicate with each other without any physical contact. It is not a payment technology, but communication technology to process contactless payments. And the good thing is that we provide EMV compliant terminals with NFC capabilities. Merchants don’t need to change their hardware, our solution supports EMV option and supports card & mobile phone Near Field Communications (NFC) payment. Additionally, we also provide a POS System that is both EMV compliant and NFC capable.
Apply today with Quadrapay to get an easy to install EMV solution with Competitive transaction rates.
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