Last year, top level and tier 1 retailers were impacted by the rollout of EMV chip-type processing equipment requirements. “Admittedly, there have been some growing pains involved in this transition,” said the team at Direct Processors.
According to the company, “Data suggests that credit card fraud as a rule has declined sharply as a result of the change-over. The evidence also points to large consumer frustrations on the rise.”
As a result, the two largest credit card issuers are quickly moving to address issues posed by consumers.
Visa and MasterCard aim to increase transaction efficiency of the newly mandated EMV chip cards. Both companies are currently developing EMV chips that will drastically reduce transaction time for purchases. These new chips could arrive in stores in the near future.
EMV remains a safer and more secure way to process credit card transactions, and it will soon become faster. Wait times will decrease during busier periods of business, meaning the 1 million merchants who have already adopted the EMV technology will be faster and more secure when new chips begin to arrive. The 1 million merchants represents approximately 20% of all merchants in the country, and the main hurdle for increasing acceptance with EMV chips is to speed up wait times.
“Some merchants are reporting transaction times of four or five seconds,” said Ajay Bhalla, president of enterprise security solutions at MasterCard. “Some are reporting longer. The idea is to solve the issue for merchants who are seeing longer transaction times.”
Another hurdle is education. Informing merchants and consumers on topics such as using their chip cards and making the transition from swiping to dipping will increase adoption of EMV technology. Remedying technical issues, such as bandwidth issues, will also help.
According to Direct Processors, the sooner small businesses get involved in EMV technology, the better off the businesses and their customers will be because EMV reduces purchase fraud.
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About Direct Processors
Direct Processors is proud to offer world-class merchant services, including EMV credit card processing, debit programs, gift cards, and more for companies of all sizes.
Direct Processors welcomes all merchant services transactions, including major merchant industries such as hotels, restaurants, small business, and e-commerce credit card processing. We are committed to serving all business, large and small. Direct Processors offers you the support and security you can rely on. Let us be your one-stop merchant solution. We are committed to being the payment processing company that optimizes your ability to seamlessly process credit card transactions along with providing you made-to-order intelligence that gives you the competitive edge that makes a real difference in your bottom line
Direct Processors makes no representation or warranty regarding and accepts no liability for the accuracy of the content contained herein.
Company Name: Direct Processors
Contact Person: Danna Powers
Phone: (844) 838-3086
Country: United States