It’s no secret that there have been significant advances in the world of payment processing over the past decade. 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 Because of EMV chip cards, the term “swipe your credit card” is a little outdated.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” or “tap” their cards. Today, you can either place the chip-side of the card head first into POS terminal or simply tap the terminal with the card!
By the way, did you know that EMV stands for “Europay, Mastercard and Visa”? They are the three companies that created the standard. Here are five advantages of using EMV chip cards:
1. Added security against fraud.
When consumers insert their EMV cards into POS terminals, they must enter PIN codes to complete their transactions. This does away with the old signing a signature routine. As a result, payments are a lot more secure and less likely to be fraudulent. 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.
EMV cards contain a transaction-unique digital seal or signature in the chip. This proves its authenticity in an offline environment and prevents criminals from using fraudulent payment cards. 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 e-commerce, 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. This is done through a transaction-unique online cryptogram.
4. Better information storage.
EMV chip cards store a lot 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, the cards 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! Divvia offers an array of top-of-the-line payment terminals including the Poynt Smart Terminal, the Poynt Newland 910, the Ingenico Desk 5000 and the Ingenico Move 5000. To learn all about them, please don’t hesitate to call Divvia at 1-877-748-2884 or send us a message on our Contact Us page!