Accepting chip cards means increased security, streamlined processing, and faster customer service. Here is a closer look at each of these benefits.

Increased Security

When you accept chip cards you gain a number of safety advantages.

• Chip cards are more difficult to counterfeit, leading to a reduction in fraud.  
•  The use of a PIN provides an additional security feature for lost or stolen cards.
• Fewer chargebacks benefit merchants.
• Merchants who have chip terminals are not liable for the cost of card fraud as long as cashiers follow the directions indicated in terminal prompts and use the routine security practices of their establishment.
• When chip cards replace cash, the risks of handling and storing currency are reduced. Replacing cash with chip cards reduces the risks that result from handling and storing currency.
• Chip cards reduce the potential for errors and losses because they eliminate the need for paper reconciliation. Transaction records for chip card payments are completely electronic.
• Chip transactions don’t rely on sales assistants to make difficult judgements about signature validation. All they have to do is follow the terminal prompts.

Streamlined Processing

Chip cards can save you time and money by:

• Reducing paperwork, because there are fewer signed receipts to handle and store.
• Cutting down on exception handling, referrals and chargeback processing.

Faster and More Convenient Customer Service

Chip card technology can lead to speedier service, which can mean happier customers and higher volume.

• Chip cards often do not require online authorisation, so transactions can be processed much more quickly.  
• When combined with the use of a PIN, there is no sales receipt to be signed or filed, and the till is opened less frequently, reducing labour and risk.  
• Chip gives you the opportunity to offer your customers self-service to pay for products without waiting.