Why All New Credit Cards are Designed with Chip Technology
Filed under: Credit Card Processing
The credit card industry has made a few changes in recent years to improve the security of payment processing. All credit card companies are moving to add chips to the credit cards, also known as EMV. Not only do consumers need to be sure that they are using cards protected by chip technology, but it is also important for businesses to be prepared to accept these forms of payment.
Why Chipped Cards are Important
This new technology offers an effective way to reduce the potential for fraud. Previously, magnetic strip technology was used for many years. But, the problem is that technology was developed that made it possible for these cards to be cloned. If someone wanted to start a credit card scam, then the necessary equipment could be purchased for $20 to create a copy of the magnetic stripe on the credit card.
In comparison, the chip technology makes it hard for scammers to duplicate the cards. The chip contains unique data on the card that constantly changes, so it is difficult to identify the specific information that needs to be duplicated. At the same time, high-tech encryption codes are included to be sure that the payment information is sent to the right place.
Stay Up-To-Date in the Industry
Accepting chipped credit cards doesn’t mean that your company is immune to the risk of credit card fraud. But, this technology offers an effective way to reduce your risk. As a business owner, it is important that you stay up-to-date with the latest trends in the industry. Being proactive not only protects your company, but you can also offer that protection to your customers as well.
Luckily, you don’t need to keep up with the industry trends by yourself. Instead, you can lean on the expertise offered by your credit card processing company. We make it a priority to ensure that your business stays current with the most relevant changes in the industry.
If you are looking for support with your credit card processing, then you need to discuss your options with Rick Johnson at National Merchant Services. Call to learn more: 888-891-0811
