At present, EMV chips are the worldwide standard for authenticating debit and credit cards. An EMV card is a credit or debit card with an implanted microchip. This differs from outdated debit or credit cards with a black magnetic stripe – a vulnerability that criminals can easily exploit.

EMV cards are safer, protected, and can be used in dipping, contactless payment situations. Since the adoption of the U.S., EMV technology has become relatively common in the U.S. Most cards are now designed with a magnetic stripe on edge but now also include a rectangular chip.

How does EMV Work?

With the old magnetic stripe on the card, we were habituated to swipe our debit card through a swipe machine. The card reader device processed the information on stripe and accessed the appropriate information and accounts. An EMV card is also used for the transaction process but in a different way. With advanced EMV technology, we insert a card into the EMV chip card reader. The reader device locks the card and accesses the card information. A unique PIN is required to make a transaction. This process reduces the chances of fraud. Due to its benefit and safe transaction process, many retailers, restaurants, shops accept the payment through EMV chip card readers in New York.

Even after you remove the card, you may still need to sign the receipt. Note that EMV chip cards still have a magnetic stripe. If the merchant does not have the latest EMV card reader, you can also swipe it usually.

You can also use Near Field Communication (NFC), a contactless card-reading technology, to make payment. In this technology, customers swirl their credit cards over or near a terminal instead of putting or inserting them.

Why is EMV technology more secure?

During transactions using an EMV card, a unique transaction code is generated and cannot be duplicated. Even if anyone tried to steal the information from the payment system, copying the data from the EMV card would be of no use - as the cardholder data is encoded and the transaction numbers are not reusable.

Therefore, the microchip is an essential element in reducing the chance of fraud as the card data can't be used for copies. Thus shopkeepers, whole-sellers, even retail salespersons receive payment via EMV credit card reader in New York and ensures the transaction's authenticity.

The magnetic stripe on traditional credit cards was a major security weakness. Hackers can steal important information through unauthorized access, while EMV technology significantly reduces the chances of obtaining credit card information.

Benefits of a Merchant Cash Discount Program

Many different types of businesses choose to work with merchant cash discount programs to gain benefits. These include restaurants, salons, repair shops, retail stores, service professionals, and many more.

Eliminate Credit Card Processing Fees

Businesses switch to a cash discount program because they can save their credit card processing fees. Customers who make payments by credit card also pay a credit card processing fee. This is a considerable saving for small-scale businesses that can use these savings to extend operations, develop advertising efforts, or increase their savings.

Gives Your Customers More Choice

When you operate your business on a cash discount program, it means you are offering your customers two different prices. Cash-paying customers will pay less price under the cash discount scheme. Customer who chooses to pay with credit cards they will have to pay some extra charge of processing. Customers will finally have two alternatives.

Keeps Your Profit Margins Constant

The traditional processing fee is charged as a percentage of each transaction. This creates more uncertainty and unpredictability in the budget or upcoming plans. By eliminating this issue by cash discount programs, you will get more evenly profit margins.

Simplifies the Payment Process

Merchant cash discount programs ultimately simplify the payment process for both a business owner and a customer. When payment is made through cash mode by customers, you will significantly minimize the risk of data breaches, chargebacks, fraud, price disputes, and other troubles.

More Cash

 From mobile payments to contactless payments - advanced technology has expanded the scope of payment styles. Even so, there are still some advantages to having good old-fashioned cash. When customers pay in cash, you get that payment instantly. No interruption in the process of a transaction.