What are EMV Chips?
EMV chips, also known as Europay, Mastercard and Visa chips, make it more challenging for fraudsters to create counterfeit credit cards. The cards enhanced with EMV feature an embedded small, metallic square. That tiny square is actually a computer chip.
Credit cards equipped with EMV computer chips protect data by creating a unique transaction code with each purchase, unlike the magnetic strips of yesteryear. In the past, if a criminal gained access to a magnetic card strip, he gained access to all of the information necessary to make future purchases with that credit card. Modern chip-enhanced credit cards eliminate the ability of hackers to recreate the chip information from one point of sale.
The new generation credit cards aren’t swiped; they are inserted into a card reader that collects data from the chip. The machine reads the data, and then the card’s financial institution creates a one-time transaction code for the purchase. These transactions typically take a little longer than the magnetic stripe swipe, but those extra seconds make for a safer purchase.
How long it takes between the credit card dip and a completed transaction largely depends on the equipment being used at the point of sale. Most U.S. retailers aren’t yet using EMV technology in their businesses. One survey theorized that only about half of U.S. businesses will have migrated to EMV card readers by the end of 2016. Because not all merchants have adopted the latest technology, most credit cards still have the magnetic stripe on the back, so users can make purchases using their credit cards just about anywhere!
Vision Payment Solutions know that accepting credit cards can be one of the easiest ways to increase profits. However, the fees required to do so may seem daunting or confusing. Add to that the merchant responsibility for protecting buyers’ personal credit card information, and accepting credit cards can seem like a costly risk. VPS helps its merchant partners find payment processes that work best for their businesses. Whether its email receipts, upgrading payment systems to add EMV options, or providing wireless payment options via smartphone, VPS offers low cost credit card processing and the latest technology to help protect consumers. Contact Vision Payment Services today to set up your payment processing at a guaranteed low rate!