Learning The “Secrets” of Payments

Posted on Posted in Financial

Various Good Things About the EMV Chip Technology

Visa, American Express, MasterCard and all others are pressuring the US market to make a change from that magnetic stripe cards to those new cards using the EMV chip technology. Though such magnetic stripe cards have been the standard in America for many decades, the EMV technology has made a promise to revolutionize the US payment ecosystem by providing new benefits to the customers, merchants and also those processors.

A great thing about the EMV cards is that such would allow more secure transactions. What is the huge sell in the EMV cards is that they are going to provide several much better transaction security to several parties who are involved in processing car payments. Such traditional magstripe cards are going to store information in just one magnetic stripe. Even if such permits an easy swipe to finish a transaction, it would mean that the information of the card gets intercepted by those skimmers and use this to make fraudulent transactions.

Such EMV cards would store the information in the microprocessor smart chips and they are then encrypted for data protection. It is a lot harder to get the data and such means that it is much harder to make fraud cards that would need the technology to duplicate such micro chip and the many encryptions to be able to protect the data.

Those EMV cards do have various options for the cardholder verification that would help protect those consumers as well as businesses from such fraudulent spending as well as transactions. Also, you need to know that EMV would support such contactless, contact and mobile transaction types. Through the contactless transaction, such cardholders will only have to tap their cards on such terminal. By the many modes of card processing, then this makes it much more secure and those customers can minimize their worries too.

Also, you have to know that the EMV chip technology is surely a way to have a fast and secure mobile wallet payment that would allow the customers to simply wave their smartphones on the terminal instead of tapping or dipping the card. Since the mobile wallets are among the other trends in the payment industry, such EMV support for the mobile transactions would permit the merchant to invest in that single system in order to open various options for the customers.

For the card innovations and technology, Andrew Phillips Cliq has certainly helped a lot. With a lot of years in experience, he has made a successful venture. What he has done to Cliq in 2016 has really taken the company to a greater height by allowing real-time funding and accepting those micro merchant transactions. He works with those clients to make such card-processing programs that are really made uniquely to be able to meet the needs of those individuals. If you would need the same set up in your office or company, then Cliq is your most fantastic resource.