Chip and PIN Payment Technology - Is It Really Essential?

This technology has been around for a few years, but it has undergone a lot of development in the last couple of years. This is considered to be the best mode of payment for small businesses. Do you want to know more about Chip and PIN? 

 

Why should you go for it?

It reduces the risk of frauds to a large extent. Cards that follow magnetic stripes and signature systems are highly risky because signatures can be forged easily. PIN number cannot be forged. It is safe to use cards with PIN code because no one else knows your PIN code. It has been proved that frauds on cards have been reduced almost by 80% in UK after this technology was introduced. 

How does it work?

There is a small computer chip in a Chip and PIN card. The chip stores data and acts as a data processor too. You have to insert the card into a Chip and PIN terminal. The next step is to enter your PIN number. The PIN number entered should match the number stored in the chip. The four digit PIN code is the means for authorization of the card. This is the proof that the card is used by the owner and none else. This helps in reduction of frauds. 

What are the requirements?

The first requirement is a merchant account. It is through this account that your transactions on Chip and PIN will be carried out. From the merchant accounts the money will be cleared to your main account. The next requirement is a Chip and PIN machine. You have to make your monthly rental payment through this machine. The fees charged are not very high. It varies depending upon the transaction. 

Chip and PIN card services are provided by a lot of companies. Chip and PIN solutions is one among them. They provide you with the machine. You need not buy it from a third party. They offer quick service. It takes a couple of minutes to complete a transaction. They offer competitive rates. You can save your money as well as time. Go to the unrivalled leaders in contactless payments to get the best.