The age of traditional credit card processing are declining. In a time of high-level identity theft and data breaches, shoppers and retailers all over the world have rightfully started to demand greater security.
EMV (Europay, MasterCard and Visa) is chip-based payment technology that will be replacing sign-and-swipe credit cards. These cards now come included with a smart chip that will be scanned and authorized during all transactions.
Fighting fraud is a huge advantage of EMV for businesses in general, but especially for startups. Without an established customer base, and most people being first time customers, it’s crucial for startups to give off a good impression. If a startup were fall victim to payment fraud it could have a crippling effect before the company ever has a chance to get off the ground.
The chip connects with the startup’s point of sale system and makes sure the payment card, as well as a signature and personal identification number, is valid and belongs to the customer that possesses the card. This type of chip technology adds layers of safety and is next to impossible to duplicate.
The end result is much safer processing and far less credit card fraud/data breaches. For additional information regarding EMV Credit Card processing, check out this detailed infographic.
