Technology changes rapidly, and payment options are no exception. With new payment solutions appearing all the time, more and more consumers are opting to use the most convenient options available, including new ways to pay in store. Since these options are just as secure, it can help your business to keep up with the most popular payment technologies such as the ones below.
EMV Credit Cards
EMV chip credit cards were the first big change to in-store payments since credit cards themselves. While many business owners were reluctant to change their equipment when EMV became a requirement, EMV chip cards have quickly become the standard for credit card companies. Magnetic strips on old generation credit cards contain sensitive information and provided an easy way for counterfeiters to duplicate the strip and steal the information. The EMV chip prevents information from being stolen by creating a unique transaction ID every time it’s used.
EMV cards are a good reminder of how adapting to technology can help a business and the industry as a whole—after all, credit card fraud is down 75% since the implementation of EMV. It means more peace of mind for you as a business owner, because the added information in each transaction makes it more difficult for consumers to open a fraudulent chargeback against you.
Contactless RFID Cards
Contactless cards use radiofrequency identification (RFID) to make secure payments. These cards have added security like EMV credit cards, but instead of inserting the card into the machine, customers only have to wave it in front of the terminal. The card contains an antenna that transmits the information, and like EMV, a unique code is created for each transaction in order to ensure each transaction is secure.
While an EMV payment can take 30 seconds or longer, contactless payments take an average of 13 to 15 seconds, allowing you to serve customers faster. Because no signature is required, each credit card company sets its own limit for this type of transaction, which is typically around $50 or $100.
A mobile wallet is an app on a mobile device that stores payment information from a credit or debit card and allows customers to then use their phone to pay. Customers like having the option to leave their wallet at home, and mobile wallets provide a more secure way of using credit cards, since encryption and tokenization technology is used during the transactions and a PIN or biometric technology (such as a fingerprint or iris scan) is needed in order to set them up.
In-store mobile payments are expected to overtake credit cards and grow to over $500 billion in 2020. The top mobile wallets include Apple Pay, Google Wallet, Android Pay, and Samsung Pay, but many credit cards offer their own app to use with individual credit cards.
Merchant Service Group LLC offers the state of the art technology needed to accept these payment types and assist with choosing the right equipment, setting it up, and making sure you understand the capabilities of your new terminal. With our 24/7 customer service, you’ll never be left wondering how to get your credit card machine working.
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