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Why Emv Credit Card Terminals Are Necessary For Business?
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EMV credit card terminals have become part and parcel for every business. For those who are not yet on the run, they are in a constant search for its related information. So, this post will help you gather some.
EMV Full Form: Europay, MasterCard, Visa
EMV cards are also known as the smart cards. These cards were developed, upheld and branded by four major card brands. First, it got implemented all across Europe. Now it is almost everywhere. These cards rely on an embedded microchip. It enables the sending and receiving of payment data from a merchant's EMV-enabled terminal.
If anyone asks you about the world's first computer, you will say, "It was huge!" Now nanotechnology and chipsets have taken the place of mechanics making tasks easier. The size of the EMV chip is only about three by five mm. It transmits a unique number to the payment processors with every swipe of the card.
What is the significance of the number?
This figure secures the transaction. The customers' name and his/her signature never get stored or used. Chip-based cards thus remain unaffected by breaches and fraudulence.
EMV chip cards started from Europe. Within a few years, it gained a position in Canada as well as the USA. In the initial phases, the cost of installation was high - something near to $ 9 billion in the USA alone. But the price was agreeable for the security available.
Companies like American Express brought it to live in the US. It was June, in the year 2012 when Amex announced its plan to join Visa and Master Card in the EMV cards quest. In recent times, EMV cards have overpowered the magnetic strip ones. If you are willing to find it for yourself, ask anyone, you will find at least an EMV card in his/her possession.
The best part is its Security. It's Fraud free
If there is anything that affects any business, it's none other than incidents of fraud. This fact made companies opt for it. Take a stroll on the street. You will find EMV credit card terminals at every corner. Its significance is, the chip-embedded cards are harder to duplicate than their magnetic-stripe counterparts. Criminals can alter or change the information on magnetic-stripe cards. But copying the signals from EMV cards is not possible.
Think about the growth of your business
For any business, the motto is simple - to gain profits and reputation. If your clients are unable to make payments with an EMV card, do you think its working? Across the world, now the majority of the online buyers have these cards. So the best option is to start accepting it for payments. You need to give your clients every option they want. With EMV credit card terminals, you will not only make them feel secure but increase sales and profits.
Many companies offer these terminals at varied prices. So you must tally the costs before investing. Once you are all set with it, you are t the brim of opening new opportunities. At elitemerchantservices.com, we offer the best prices. Visit us today for more details. Also, leave your comments for further queries.
When you are searching ‘low rate for credit card processing’, a merchant account with Elite Merchant Services is all that you need. Expand your business and accept payments worldwide in budget-friendly prices. Get more details : http://www.elitemerchantservices.com/ or call us at : 877-770-3322
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