It’s no secret that there have been significant advances in the world of payment processing over the past several years. With increased needs for security and protection against fraud, a number of measures have been taken to protect cardholders. Arguably, the most impressive advance has been the advent of the EMV chip-based payment cards. You know how your credit and debit cards now have those little golden squares on the left side? That’s what we’re talking about!
Of course, those little golden squares aren’t just there for aesthetic reasons. They provide a whole new world of security for those who enjoy using their credit and debit cards to pay for their purchases. Because of EMV chip cards, the term “swipe your credit card” is a little outdated. Canadian consumers are a lot more prone to “insert” their cards, placing the chip-side of the card head first into POS terminals.
Instead of signing a credit slip – another outdated practice – customers now enter in their private PIN numbers in order to complete their purchases. Not only do EMV chip cards make the use of credit and debit payments that much more secure, but they seem to allow for quicker and easier payment processes as well. EMVCo.com lists some advantages of EMV chip cards that we’d like to share with you in today’s blog.
1. Added security against fraud. As mentioned earlier, EMV cards request PIN code entries over signatures. As a result, payments are a lot more secure and less likely to be fraudulent. The website notes that EMV cards include features such as data authentication and cryptographic technology. They help to provide added security against counterfeit purchases or the use of lost and stolen cards.
2. Guaranteed authenticity. As EMVCo.com informs, EMV cards contain “a transaction-unique digital seal or signature in the chip proves its authenticity in an offline environment and prevents criminals from using fraudulent payment cards.” As you can tell, using chip cards has helped to make great strides in the way of preventing fraud. Using a POS terminal that reads chip cards has practically become mandatory today.
3. Greater security for online payments. As we’ve pointed out in many a blog, in order to take advantage of eCommerce, merchants must accept credit cards through a POS payment provider. However, when your provider allows you to secure online payments with the use of EMV chip cards, it protects “cardholders, merchants and issuers against fraud through a transaction-unique online cryptogram,” says EMVCo.com.
4. Better information storage. According to the website, EMV chip cards store “considerably more information than magnetic stripe cards.” As a result, your cards become greater representations of your identity. With your relevant personal information stored on the card, there is a better way to identify that the right person is using the appropriate card. As well, they are able to function for longer periods of time.
5. Easy acceptance abilities. Yes, it’s easy to accept EMV chip cards at your place of business. Simply contact Canadian POS Corporation by calling 1-877-748-2884. We can have you all set up with a new POS terminal within three business days. You’ll also be happy to know that we offer the most affordable rates in our business. Give your customers the security that they need by accepting EMV chip cards today