10 Reasons why Chip Readers

10 Reasons why Chip Readers used by merchants

10 Reason why Chip Readers10 Reasons why Chip Readers usage will expand.

  1. Credit card chip usage improves the security landscape
  2. Required for compliance
  3. Merchants pay a lower fee
  4. Physical card is required for in-store transactions
  5. Credit card chips reduce counterfeit card fraud: Countries that have been using chip cards for many years have seen significant reductions in counterfeit card fraud. In the UK, for example, counterfeit card losses have been reduced by 70%.
  6. An increased number of chip cards in consumers’ possession: over 600 million chip cards have been issued in the U.S. as of the end of 2016.
  7. Majority of all retail outlets now accept chip cards: almost 90% of all travel, entertainment, and high-cost retail operations accept chip cards
  8. Swipe and insert versus manually keying in card information is more accuracte
  9. Daily settlement of transactions for merchants
  10. Get accurate customer information: For online transactions validate customers’ billing and address information is entered correctly.

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Author: Victor Janulaitis

M. Victor Janulaitis is the CEO of Janco Associates. He has taught at the USC Graduate School of Business, been a guest lecturer at the UCLA’s Anderson School of Business, a Graduate School at Harvard University, and several other universities in various programs.