Top Ways Businesses can Gear up for the Latest Chip and Pin Technology in their Business

It has become important for all kinds of businesses today to accept cards. Today, payment technology has become advanced and allowing businesses to avoid fraud by accepting payments quickly and efficiently. Businesses are opting for chip and pin machines instead of the old swiping machines. At the chip and pin terminals, the card is inserted into the terminal and remain there till the entire transaction is completed. The customer will be then required to enter the PIN to complete the transaction and receive their receipt. The card is then taken out and given back to the customer. 

For those who have just opt for chip and pin facility, should know a few things to make the transition worry free –

• You need to check your payment equipment and the software that you use. Find out the changes that you will need to make to accept payments through the new system.
• You will need to create a rollout plan and inform your customers about it. you will also need to create a budget and implantation schedule for your employees and your customers.
• It is important to train your staff by providing them training to use the new payment system. They should also be ready to answer any questions that their customers might have for a smooth transaction process.

It is important to choose a reliable chip and pin terminal service provider for your business by doing an online search. You will also be required to choose a contract period. Make sure that you do not just pick the Chip and Pin terminals shortest contracts, but know the various benefits that you get along with it.

Why Chip And PIN Is The Way To Go For Small Businesses

Those days are gone when your business could afford to say no to credit card payments. Now customers anticipate convenience both for online and offline payment. This implies that you would require chip and pin terminals.

Today credit card payment is no longer a way to stay ahead of business but a necessity to stay in competition. With the advancement of technology, the credit card payments have become much more viable. Even mobile chip and pin machines are available today to easily transmit payment information to your hired merchant services provider. Often the technology used here is GPS. This chip technology has made it possible for small business to make available to their customers a faster and secure way to pay. It also helps block payment card fraud and fraud-related chargebacks.

How does it work?

Chip and Pin cards are nothing but your debit or credit cards which have an embedded microcomputer chip holding a cardholder PIN data. At the time of making payment, the customers hand over their credit or debit card which is then swiped over the machine. To process the payment, the customer must now punch in his or her Personal Identification Number (PIN) instead of his signature. Once Ok is pressed, the payment gets processed for the goods.  Thus, even with his card, the vendor is actually not handling the card. This alone makes the customer feel secure about making the payment. Only possibility of a fraud arises here are those scenarios when someone identifies your PIN number while you are punching it into the debit card terminal. This is unlikely as even with it, they would require your card. This is the main reason for these devices considered as flawless when pertaining to fraud. The CHIP is worthless without the PIN and vice versa.

Benefits of Chip and Pin to your business

Small businesses reap plenty of benefits by employing this technology for accepting payments. Some of the major benefits are:-

·    Ensures cards are authentic

We already understand how impossible it is to copy the chip technology when combined with the use of a PIN. This almost eliminates fraud which may initiate due to lost, stolen or counterfeit cards.

·   Reduces chargeback risks

Utilizing the chip technology takes away your responsibility to verify the authenticity of a signature and reduce the frequency of chargebacks.

·   Supports faster authentication

The process of entering a PIN is hordes faster than requesting and verifying a cardholder’s signature. This makes the entire payment process much faster.