Chip
Chip technology brings quicker, more
convenient and secure payment for you and your customers.
Chip technology is here and it’s here to stay. More than half
the Visa cards issued in Europe contain a chip. Three-quarters
of card terminals are chip-capable. And, as Visa cards embedded
with a microchip hold 150 times more information than cards with
just a magnetic stripe, chip will power future innovation.
Benefits of chip
- Faster payment: Chip technology helps to speed
up service. In independent research, card payments using chip and
PIN were around 30 per cent quicker than those conducted with
magnetic stripe and signature. With contactless technology, payment
is even faster still. Speeding up service helps cut queues and
reduce lost sales, giving you a competitive advantage over
businesses nearby that do not accept chip payment.
- More ways to accept payment: Chip technology
is the de facto standard in Europe and already powers future
innovation. You need to accept chip payments to benefit from
contactless, mobile, self-service and new payment options (eg
combined debit and credit cards).
- Increased customer confidence: Card crime
depresses sales and damages customer confidence - and possibly
even your brand and reputation. Chip cards are harder to
counterfeit while PINs help prevent fraud involving lost and stolen
cards, which makes for more secure payment.
- Fewer disputes: Chip reduces fraudulent and
disputed payments, saving you time and money on the administration
around dispute resolution.
More information
Contact your acquiring bank to find out more about accepting
chip cards.