Accepting chip cards means increased security, streamlined processing,
and faster customer service. Here is a closer look at each of these
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
- 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.
Chip cards can save you time and money by:
Faster and More Convenient Customer
- Reducing paperwork, because there are fewer signed receipts to
handle and store.
- Cutting down on exception handling, referrals and chargeback
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.