Time To Take Advantage Of Chip Card Technology

Quite often, the Canadian POS Corporation Blog will detail the many reasons why Canadian business owners should accept credit cards and debit cards as methods of payment in their stores. Among the top reasons are the guaranteed increase in sales, a large client base and overall better customer satisfaction. By providing shoppers with the option to pay with plastic, Canadian business owners are able to allow customers to take advantage of numerous benefits.

Among them are rewards points, flexible payment options and purchase protection plans. So, in the year 2015, it isn’t likely that there needs to be a whole lot of convincing that plastic acceptance is the way to go. There are, of course, a great number of Canadian businesses that accept Visa, MasterCard and Interac cards on a daily basis. But, in 2015, accepting plastic may not be enough. There is a certain type of plastic that is becoming the norm.

EMV cards, or chip cards as they are better known, ensure that there is greater protection against fraud for customers. Many business owners all across the country are well aware of this already as their customers are given the option of punching in PIN codes instead of having to sign slips to complete their credit card transactions. But what about those who are yet to adopt POS terminals in their stores to make use of this innovative technology?

For them, we’d suggest that it’s time for a change. On eWeek.com, Wayne Rash writes that “a new report shows up to 70 percent of U.S. credit cards will have EMV chips by 2015. But merchants must convert POS terminals and train staff to use them.” And while this report refers to American companies, the trend in Canada is much the same. In fact, our experience has shown that Canada is actually ahead of the game.

As mentioned earlier, many Canadian business owners use POS terminals that accept EMV cards. If you’re not one of them, we’d highly recommend giving Canadian POS Corporation a call at 1-877-748-2884 to upgrade your terminal today! You may be surprised to discover how quick and easy the change can be made. As well, since we offer our clients the most affordable rates in our industry, you could be in for some savings as well.

Still not convinced? EMVCanada.com reveals a number of benefits to merchants who accept chip cards. “Chip cards, along with chip terminals, ensure a highly secure transaction by validating the card and the cardholder,” reads the website, “Unlike magnetic stripe technology, the chip is very difficult to copy, thus reducing counterfeit fraud.” Clearly, protecting both yourself and your clients from fraud is a plus.

The site goes on to explain just why the Canadian marketplace is moving toward chip card technology. According to EMVCanada.com, “the move to chip card technology is the latest innovation in the payment industry\’s efforts to further secure Canadian electronic payments. Chip-enabled payment technology is based on a global standard known as EMV, a proven technology currently in wide use around the world.”

So what exactly makes EMV chip card transactions different than the old-school, traditional magnetic stripe transactions? “Chip cards will be inserted into the chip terminal, and left in the terminal until the transaction is completed,” says the website, “Consumers will enter their PIN when prompted. PIN entry will replace signature as the method of cardholder identification, as PIN is a more secure method.”