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.
A great thing about the EMV cards is that such would allow 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. Such traditional magstripe cards store all the different information in just one magnetic stripe. Even if such permits an easy swipe to finish a transaction, it would mean that the information of the card gets intercepted by those skimmers and use this to make fraudulent transactions.
Such EMV cards would store the information in the microprocessor smart chips and they are then encrypted for 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.
Those EMV cards do have various options for the cardholder verification that would help protect those consumers as well as businesses from such fraudulent spending as well as transactions. You should also know that the EMV supports such contact, contactless as well as the mobile transaction types. Through the contactless transaction, such cardholders will only have to tap their cards on such terminal. With the many modes of card processing, then this makes it more secure and customers can alleviate their worries.
You should also know that such EMV chip technology is a platform for a fast and secure mobile wallet payment that would allow the customers to wave the smartphones on the terminal instead of dipping or tapping your 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. He has really done a great venture with so many years of experience. In the year 2016, he took Cliq to the next level through accepting those micro merchant transactions and also supporting a 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. When you are in search for a similar set up of program in your work place then he and Cliq are your best resources.