There have been a number of innovations in the credit card processing world over the last several years. Wireless terminals are all the rage. And chip cards and PIN technology have taken over from the magnetic stripes previously used in the creation of credit cards. It is rare, these days, to come across a merchant that uses a POS terminal that requires customers to swipe their cards.
Cards are now inserted into the machine and the punching in of a PIN code is requested. This makes the entire transaction process a lot quicker. But more importantly, it also helps to protect against potential fraud. As a business owner, there are actually quite a few benefits to updating your POS terminal so that it can accept the chip. And this technology is used in the acceptance of both credit and debit cards.
Quicker Transactions. As mentioned, when customers are given the opportunity to punch in their PIN codes, it makes for quicker checkouts. There is less time spent on printing receipts and asking customers to sign them. By today’s standards, such a practice is archaic and generally no longer heard of. It will definitely help to speed things up at the cashier when you are accepting PIN codes instead of asking for signed slips.
Enhanced Security. When customers punch in their PIN numbers, they are ensuring that their transactions are legitimate ones. Previously, stolen cards could be swiped, a fake signature could be signed and away a person could go with technically stolen merchandise. It is practically impossible to copy chip technology so fraud is a lot less likely to happen.
Fewer Investigations. Naturally, with enhanced fraud protection, you are a lot less likely to experience chargebacks as a result of unauthorized charges. Generally, when a fraudulent charge appears on an account, customers will contact their credit card companies in order to set up investigations. The company is then required to contact you in order to look into the authenticity of the charge. PIN cards help you avoid that.
Maintained Relevance. Pretty much all credit and debit cards are using chip technology these days. It only makes sense for your company to keep up with the times. As with many other advances in technology, if your business doesn’t adopt it, your brand will appear outdated, giving your customers the impression that you’re behind the times. Your best bet is to take advantage of all modern trends.
“I much prefer the whole PIN card thing,” commented a Canadian POS Corporation client recently, “They’re just easier and more practical. If someone steals your card, he’d have to know your PIN code now. In the past, a stolen credit card meant someone was going to rack up a big bill. It’s better for the customer and it’s better for the merchant to use chip cards that use PIN code technology.”
At Canadian POS Corporation, we provide our clients with top-notch POS terminals to ensure that their payment processing practices are a breeze. In addition, we offer the most affordable rates in our industry while ensuring that our customer service can’t be beat. To update from your current POS terminal or to begin accepting plastic today, please give us a call at 1-877-748-2884.