If your business isn’t accepting EMV cards in 2023, then this may be an issue. Some card manufactures are moving away from magnetic strip cards all together and leaving only tap with EMV for transactions.
If you aren’t currently accepting EMV cards, why? If you simply don’t know about them, don’t worry – we’ll walk through everything you need to know about them and give you a list of 15 reasons why you NEED to accept EMV chip cards.
What is an EMV Chip Card?
An EMV chip card is a type of credit card or debit card that contains a microchip that stores and protects cardholder data. This microchip makes the card more secure than traditional magnetic stripe cards and is used for transactions at merchant locations that have chip-enabled terminals.
1. Improved Security
EMV chip cards are much harder to counterfeit or clone than magnetic stripe cards, reducing the risk of fraud.
EMV chip cards improve security in a number of ways. They encrypt cardholder data, making it much harder for criminals to access and use sensitive customer information. They also use dynamic authentication technology to generate unique codes for each transaction, making it much harder for criminals to clone cards for fraudulent purposes.
EMV chip cards require the cardholder to enter a PIN or sign for each transaction, further increasing security.
2. Increased Customer Satisfaction
EMV chip cards increase customer satisfaction by making payments more secure and convenient.
Customers feel more secure when using an EMV chip card because it is much harder for criminals to access their card information.
EMV chip cards allow customers to pay quickly and securely, providing a convenient payment experience.
EMV chip cards help merchants comply with payment industry regulations, which can further improve customer satisfaction by providing an extra layer of assurance that their data is secure.
3. Reduced Chargebacks
Chargebacks are costly for merchants, and EMV chip cards greatly reduce the risk of chargebacks by making transactions more secure.
4. Increased Customer Confidence
EMV chip cards help customers feel more secure when shopping at your store, which can lead to increased sales.
5. Reduced Fraud Liability
EMV chip cards reduce the merchant’s liability for fraudulent transactions.
6. Increased Acceptance of International Payments
EMV chip cards are the global standard for card payments, so accepting them can help you expand your international customer base.
7. Improved Data Security:
EMV chip cards encrypt cardholder data, providing an extra layer of security for sensitive customer information.
8. Increased Compliance
EMV chip cards help merchants comply with payment industry regulations, such as PCI DSS and the Payment Card Industry Data Security Standard (PCI DSS).
9. Reduced Costs
EMV chip cards reduce the costs associated with fraud and chargebacks, which can save your business money.
10. Reduced Card-Present Fraud
EMV chip cards are much harder to counterfeit than traditional cards, reducing the risk of card-present fraud.
11. Reduced Card-Not-Present Fraud
EMV chip cards make it more difficult for thieves to use stolen card numbers online, reducing the risk of card-not-present fraud.
12. Increased Efficiency
Transactions with EMV chip cards are faster than those with magnetic stripe cards, which can lead to increased efficiency and customer satisfaction.
13. Reduced Time Spent Processing Payments
EMV chip cards allow merchants to quickly process transactions, reducing the time it takes to process payments.
14. Increased Customer Convenience
EMV chip cards allow customers to make payments quickly and securely, providing a convenient way to pay.
15. Increased Acceptance
EMV chip cards are the most widely accepted form of payment in the world, giving your business access to a larger customer base.
Are you Ready to Accept EMV Chip Cards?
If you’re ready to start accepting EMV chip cards, look no further than PayHawk for your EMV needs. We’re a merchant service provider equipped to help you with your business’s payment processing transformation.
Get your free statement analysis from us today and learn how we can help you with your payment processing and EMV needs!