10 Reasons why Chip Readers used by merchants
10 Reasons why Chip Readers usage will expand.
- Credit card chip usage improves the security landscape
- Required for compliance
- Merchants pay a lower fee
- Physical card is required for in-store transactions
- 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%.
- 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.
- Majority of all retail outlets now accept chip cards: almost 90% of all travel, entertainment, and high-cost retail operations accept chip cards
- Swipe and insert versus manually keying in card information is more accuracte
- Daily settlement of transactions for merchants
- Get accurate customer information: For online transactions validate customers’ billing and address information is entered correctly.