Advanced Technological Security for Credit Cards
EMV (Europay, MasterCard, and Visa) chip cards have become ubiquitous in the modern marketplace. These highly advanced microchips embedded in credit cards contain encrypted information to create a secure-one time digital signature when used by the card owner. As we all know by now, unscrupulous hackers can use readily available technology to steal information from the magnetic stripe on a credit card. When that kind of fraud occurs in a small business, it can cause significant damage, and not only as a tangible financial loss. The reputation of your business is at stake when the security of your credit card processing has been compromised, and if you lose the trust of your customers, you lose your customers. The EMV chip circumvents this fraudulent hacker technology, providing an easy and more secure payment option to ensure that you are providing the best payment options for your customers.
Keeping Up With the Times
You have seen by now that most major banks and credit cards in the US rolled the EMV chip out in 2015. What you may not know is that businesses in Europe, Canada, and Mexico had been using microchip technology in their credit cards for many years before major U.S. banks began adopting the technology. In fact, the magnetic stripe is sorely outdated technology created in the 60s, around the same time that cassette tapes were invented! An upgrade to EMV chip processing is simply bringing business security in the U.S. up to the global standard of technology. Due to the ease with which the chip cards can be used to replace magnetic stripes, eventually the magnetic stripes are expected to be phased out of use completely.
No Changes to the Charge Process
Before you worry about the additional time and effort of using a new advanced technology, rest assured that running a chip card on an EMV processor is just as fast as swiping a magnetic stripe. In addition, for those few customers whose banks have not yet upgraded their debit cards, customers will still have the option to swipe on the same terminal. There is no inconvenience, and the reduced liability for merchants who accept credit cards is worth the investment. Contact us today to find out how to upgrade your credit card processor to the most secure technology available!