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What Is Chip And Pin Solutions? How It Works?
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Chip and Pin technology is proven a next specular step in making online payment with secure and reliable way. It is a next revolution in electric payment processing system. The chip and pin technology helping customers and merchants to reduce the chances of frauds and spamming in safe credit card processing payment system and handling with more secure way than what accepted. The payment industry introduce chip and pin technology for all business and personal credit and debit card transaction. The introduction will developed the state of advance technology with higher protection against faking and card fraud because the embedded microchip is encrypted and virtually impossible to copy.
What is Chip and Pin?
The credit and debit card enhanced with chip and pin technologies has an implanted microchip and make the consumer to enter a personal identification number which is generated by OTP Code to complete the transaction. It is also known as EMV microchip card which is considered more secure than a magnetic strip cards, as this both technology runs on chip and need to enter a unique PIN. This new technology adds a layer of sophistication and verification to the transaction process, making your information more secure and harder to replicate.
Chip and Pin technology is more and advance accepted method of making electronic payment throughout the UK and some other countries. There is some stuff you need to accept electronic payment from your customers. All your need a secure merchant account and for high risk business you need a high risk payment processor.
How does Chip & PIN work?
A chip embedded into your debit or credit card is at the heart of Chip & PIN. Chip technology uses sophisticated processing to identify genuine cards and makes counterfeiting more complex and expensive. The technology checks the PIN you entered in the keypad against the PIN held on the chip. This is used to verify your identity instead of checking a signature on a receipt.
The Standard Security
The chip is developed with advance technology the data is the chip was traditionally stored in a card’s magnetic strip. For every purchase made by customers, it generates one time password that is digitally signed. This gives full secure connection Even if a thief hacks a retailer’s network or installs a skimmer on an ATM terminal to steal card data and PINs, the thief won’t have a transaction code needed for in-store purchases.
Cost of Chip and Pin Machines
Chip and pin machines are generally low cost up to just £40, but just an entry level machine as these are not with much facilities and features. You may then wish to consider purchasing better designed chip and pin devices, which cost up to £150, for peace of mind.
Deborah Nagella is the writer of this article; she is co-associated with Radiant pay and Radiantpay.global. Writes for Credit card Processing, Payment processing, online merchant account, payment gateway and electronic check processing, Ach processing.
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