The Beginners Guide To Payments (What You Need To Know To Get Started)
Jul 21, 2018 // By:admin // No Comment
What Benefits You can Get from the EMV Chip Technology
MasterCard, Visa and the American Express as well as the others are actually pressuring the US market to go for the EMV chip technology instead of maintaining the use of the magnetic stripe cards. 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. What is the huge sell in the EMV cards is that they are going to provide several much better transaction security to several parties who are involved in processing car payments. Those tradition magstripe cards would store different information in only one magnetic stripe. Though this is going to allow just an easy swipe to do a transaction, it also means that the information of the card becomes intercepted by the skimmers and they are going to use this in making fraud transactions.
The EMV cards would actually store the information in such microprocessor smart chips and they get encrypted for protection of data. 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 the use of the contactless transaction, those cardholders will simply have to tap the cards on that terminal. Through the different modes of card processing, then such would make it a lot more secure and customers may also alleviate their worries.
Also, you have to know that the EMV chip technology is surely a way to have a fast and secure mobile wallet payment that would allow the customers to simply wave their smartphones on the terminal instead of tapping or dipping the card. Since the mobile wallets are among the other trends in the payment industry, such EMV support for the mobile transactions would permit the merchant to invest in that single system in order to open various options for the customers.
For such card innovations as well as technology, Andrew Phillips Cliq has been of great help. With a lot of years in experience, he has made a successful venture. What he has done to Cliq in 2016 has really taken the company to a greater height by allowing real-time funding and accepting those micro merchant transactions. 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. When you are in search for a similar set up of program in your work place then he and Cliq are your best resources.