What Benefits You can Get from the EMV Chip Technology
American Express, Visa, MasterCard as well as the others are definitely pressuring the US market to switch from the use of the magnetic stripe cards to using the new cards with the EMV chip technology. Though the magstripe cards have actually been the standard in America for several decades, the EMV technology has promised to revolutionize the US payment ecosystem through offering new benefits to the merchants, customers as well as the processors.
What is great about such EMV cards is that this is going to let you go for more secure transactions. A big sell in the EMV cards is that they would offer a lot better transaction security to many parties which are involved in the payment process. Those tradition magstripe cards would store different information in only one magnetic stripe. Though this would permit a simple swipe to accomplish a transaction, it means that the card’s information may be intercepted by the skimmers and then used for making fraudulent cards.
The EMV cards are storing the information in the microprocessor smart chips and they would then be encrypted for such data protection. It is a lot harder to get the data and such means that it is much harder to make fraud cards that would need the technology to duplicate such micro chip and the many encryptions to be able to protect the data.
Also, the EMV cards have many options for the cardholder verification which would help in protecting the consumers and businesses from those fraudulent spending and transactions. Also, you need to know that EMV would support such contactless, contact and mobile transaction types. With such contactless transaction, the cardholders will just have to tap their cards on the terminal. With the many modes of card processing, then this makes it more secure and customers can alleviate their worries.
You must also know that the EMV chip technology is one way for a fast and also secure mobile wallet payment allowing the customers to wave the smartphones on such terminal rather than dipping or tapping the card. Because the mobile wallets are the trends in the payment industry, EMV would support for those mobile transactions allowing the merchant to invest in such one system to open many options for customers.
For the card innovations and technology, Andrew Phillips Cliq has certainly helped a lot. With so many years of experience under his belt, Andrew Phillips made a new venture. In 2016, he actually took Cliq higher by accepting micro merchant transactions and by also supporting such real-time funding. He works with those clients to make such card-processing programs that are really made uniquely to be able to meet the needs of those individuals. Cliq is surely a great resource that you can go for when you need the same set up of programs for your place of work.