Chip cards – What are the benefits and the changes?

Chip cards – What are the benefits and the changes?

Chip cards are an important step increasing the security of point-of-sale transactions.

Advantages

  • A PIN number eliminates the need for checking signatures.
  • Simplify transactions.
  • Reduce credit card chargebacks.
  • Reduce the archiving of paper statements.

Changes

This is how it works:

  • The card is inserted into the terminal (and not swiped).
  • The card remains in the terminal until the transaction is completed.
  • The employee follows the instructions.
  • Cardholders enter their PIN on a keypad.
  • The receipt is printed when the purchase is authorized.

Equipment

Various measures will be implemented to ensure that all  merchant point of sale payment solutions are updated.

  • Point of sale terminals will be replaced.
  • The  Integrated Payment System will be updated.