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8 Lessons Learned: Payments

The Many Advantages that You Obtain from the EMV Chip Technology

American Express, Visa, MasterCard as well as the others are definitely pressuring the US market to switch from the use of the magnetic stripe cards to using the new cards with the EMV chip technology. Though the magstripe cards have actually been the standard in America for several decades, the EMV technology has promised to revolutionize the US payment ecosystem through offering new benefits to the merchants, customers as well as the processors.

What is great about such EMV cards is that this is going to let you go for more secure transactions. A big sell in the EMV cards is that they would offer a lot better transaction security to many parties which are involved in the payment process. Those tradition magstripe cards would store different information in only 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.

The EMV cards would actually store the information in such microprocessor smart chips and they get encrypted for protection of data. It is a lot more difficult to get the data and this means that it is harder to create fraud cards requiring the technology to duplicate the micro chip and also the encryptions in order to protect the data.

EMV cards also have a lot of options for such cardholder verification that helps to protect the consumers as well as the businesses from such fraudulent spending and also transactions. You should also know that the EMV supports such contact, contactless as well as the mobile transaction types. With the use of the contactless transaction, those cardholders will simply have to tap the cards on that terminal. With the many modes of card processing, then this makes it more secure and customers can alleviate their worries.

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.

Andrew Phillips Cliq has surely helped in many ways when it comes to card innovations and technology. With so many years of experience under his belt, Andrew Phillips made a new 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 is working with the clients in creating card-processing programs that are made uniquely to meet the individuals’ needs. If you would need the same set up in your office or company, then Cliq is your most fantastic resource.

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