Credit card fraud and other issues aside, retail merchants have something new to lose sleep over.
EMV or Europay, MasterCard, and Visa have become popular in the retail industry. Merchants who deal with credit card terminals are unsure what to think of this new technology—whether it will benefit them or not.
It seems we are paying attention at the wrong thing. In the rush to talk about credit card terminals, merchants have forgotten how EMV can possibly affect Point-of-Sales systems technology.
It’s essential to consider any changes brought on by usage of EMV for the retail merchant especially since POS software technology is changing at breakneck pace!
Mobile Payments Will Increase Exponentially By 2018
It shouldn’t come as a surprise but POS software technology is changing. Once projected as less than $1 billion of transactions in 2012, mobile payments will surpass $118 billion transaction by 2018.
In fact, EMV chip cards have become the global standard for conducting secure transactions!
EMV – What Is It?
It stands for Europay, MasterCard, and Visa. EMV is considered the global standard for chip-based debit and credit card transactions.
The three giants collaborated with the aim to enhance security and promote global acceptance of this payment system. This enables people to use MasterCard and Visa debit or credit cards anywhere in the world.
How will POS system transactions be affected by this change in technology?
Signed Customer Receipts Still Here… For Now
Verification of transactions conducted by EMV chip cards is carried out via Chip and PIN or Chip and Signature method.
The first verification method means the customer types in a secret PIN for transaction confirmation after inserting the card. The second verification method, i.e. Chip and Signature, requires customers to sign a receipt to confirm the transaction.
The U.S. is woefully behind when it comes to this technology. Merchants and retailers still use the outdated verification method of Chip and Signature, instead of the accepted standard.
Card Can Be Removed Prior to Transaction Completion
EMV cards will have to stay within the chip reader throughout the transaction. However, recent advancements and specifications in the technology have implemented faster EMB processing. What does this mean? Customers can take their card back even prior to transaction completion.
This will ensure your retail store has shorter checkout lines and faster transaction times.
Don’t look for the best POS systems anywhere else when we are here to help!