Chip cards generate a one-time code with every transaction making it nearly impossible to create counterfeit cards for use in stores.
As the EU has completed its migration to EMV, the region has seen an 80% reduction in credit card fraud while the US has witnessed a 47% increase.
Consumers are increasingly concerned with card data protection. Give them peace-of-mind when they choose your business.
In a recent survey of 1,011 American adults conducted by Vision Critical 2014, 64% were more likely to pay in cash due to recent security breaches and approximately the same number of respondents believed that a credit or debit card with a chip would result in more secure financial transactions.
Beginning October 1, 2015, new network rules mean merchants are more likely to be financially liable for fraud, lost/stolen transactions at their in-store locations without chip cards.
In 2015 that liability in the United States is estimated to total more than $10 billion.
Accept mobile and contactless payments such as Apple Pay and Android Pay when you upgrade your terminal or POS system to accept chip cards. Most new payment acceptance devices not only support chip cards, but also process NFC transactions, such as Apple Pay.
Callow customers to have a safe and seamless experience. Consumers also know that chip cards will help them shop safer, so they will choose merchants who take this seriously and strive to sell safely.
According to a recent Aite Group report, 59% of retail locations in the US will be chip enabled by end of 2015.