What are the Benefits of EMV for Your Business?
When it comes to EMV and the smart technology that is equipped within it, EMV, also known as EuroPay, MasterCard, Visa is becoming more of a necessity. More and more businesses are being required to enable this technology. EMV is its own computer chip that encrypts its own unique transaction code for each consumer that can’t be replicated. Now you may ask yourself, what's in it for business, and not just the consumers? There are a number of benefits for a company that takes on EMV integration! Have your company invest in one system with an abundance of benefits.
Security: This is one of EMV’s top benefits for your business, as well as being a main priority of its functioning. As mentioned above, the technology involved with EMV are unlike the magnetic stripe cards on the market, because of the unique code. Magnetic cards make it very easy for thieves to copy card information because information is stored in only one place (on the stripe). This makes information far more attainable to thieves, who can interrupt and intercept the information with few barriers. Not only do chip cards store the credit card information on microprocessors chips, but this will deter thieves due to the cost as well. It will take more time, money and effort for a thief to go after information and your company from the microprocessing chip if a card is equipped with EMV technology.
Global: Worldwide EMV can benefit your company tremendously. This technology aids in improving global interoperability and increasing the prevalence of different authorizations. This is because mag stripes have higher rejection rates, and EMV is more accepted around the world. This is good news for your business because since there is less rejection, it will improve customer experience during a transaction. Quick, easy payments are preferential for everybody. Foreign consumers are also able to use their own cards and mobile processing devices with EMV technology, whereas non chip cards don’t usually allow for these type of transactions. Your business will attract a bigger market if you allow all types of consumers, such as tourists with different methods of payment, to use their own cards.
Options: EMV is not only chip and pin transactions, it offers more opportunity. Cardholders are able to interact with contactless and mobile payments if they choose. These forms of payment allow consumers to easily tap their device against terminals for simple payment transactions, or to process a payment through a mobile device.
Offline Mode: EMV microprocessors allow for offline transactions and cardholder authentication, which are not available for non-chip cards. Terminals with EMV technology can accept offline PIN codes. The benefit of this for your company, is that your business will not be off limits for any type of transaction. EMV uses its own smart chips for verification and developing crypto programs causing transaction security for offline communication with banks.
Convenience: With EMV you are providing your consumers with a more convenient, simple, and reliable experience for payment processing. Customers will most often choose the method of payment that offers the most convenience. Additionally, consumers look for swift transactions, but more importantly, protection. EMV is able to combine the customers two biggest desires in payment processing into one transaction.
Check out the terminals we have that are equipped with EMV technology!