3 Major Benefits To Chip Cards

Happy new year! Welcome to 2015 everyone! We certainly hope that you’ve had a sensational time welcoming in the new year so far. We’d just like to remind you that the Canadian POS Corporation offices will remain closed until Monday, January 5th. But there are so many ways that our top-of-the-line POS terminals have helped Canadian business owners to grow their companies in the past year, we can’t wait to get our 2015 started!

Now, if you’re already a Canadian POS Corporation client, you have most likely adopted what many consider to be “aged” technology by this stage of the game. We’re talking about using POS terminals that read “chip cards”. But interestingly, it seems as if this trend has been taking its time to get popular in the United States. It has been reported, however, that by the end of this year, all U.S. retailers will have gotten on board.

As Jim Edwards writes on BusinessInsider.com, “every credit card in the U.S. will be replaced by October 2015 with new cards that contain the chip-and-PIN technology that the rest of the world has had for years, according to the Wall Street Journal. Both Visa and MasterCard are committed to the switch, which will render extinct the plastic in your wallets and purses right now. No more black magnetic stripes; no more signing on the dotted line.”

In Canada, we’re already pretty used to punching in our PIN codes instead of having to sign our signatures. Not only is this a quick and easier process, but it provides better security for both merchants and consumers alike. Protection against potential fraud plays a huge factor in giving customers more comfort in using their credit cards. Not to mention, it allows business owners like yourself to put your own minds at ease. Here are three major benefits to chip cards.

1. Added peace of mind. According to the Visa website, “Chip cards and Chip terminals help make a secure transaction system even more secure by validating the cardholder\’s Chip & PIN. This enhances the security of your card whenever you use it in a face-to-face transaction.” Visa goes on to mention that there are also safety measures that are taken when consumers use their cards for online purchases, such as “Verified by Visa”.

2. Increased security against unauthorized use your card. As mentioned, when customers have to enter a code instead of signing a slip, it helps to minimize the potential of fraudulent transactions. “Once your PIN is confirmed and the purchase is approved, you’ll be prompted to remove your card from the terminal. You do not hand your Visa card to anyone, or lose sight of it at any time. This helps to prevent fraudulent use of your card,” says Visa.

3. Increased security against counterfeiting and skimming. With chip card technology, lost or stolen cards don’t automatically equate to fraudulent charges. This encourages consumers to walk with plastic over cash. As explained by Visa’s website, “a lost or stolen Chip card cannot be used to complete a transaction without its corresponding PIN. This technology virtually eliminates the ability to copy the contents of the chip to another card.”

2015 is not just the year for all merchants to accept credit cards. It’s the year when all merchants will be accepting chip cards. As mentioned earlier, Canadian business owners are pretty much used to this by now. But if you’re one of the few who is yet to accept plastic in this way, be sure to put a call in to Canadian POS Corporation by dialing 1-877-748-2884 this Monday. We look forward to helping you make 2015 your most successful year to date!