Technology is changing at a rapid speed, and you need to be sure that you are keeping up with these trends to keep your business relevant in a changing market. At VeriPay, we’re here to make it easy for you to stay up-to-date with your payment processing system. Today, we’re highlighting the benefits of using the Visa Quick Chip technology for payment processing.
Why Visa Quick Chip?
Why should you choose Visa Quick Chip instead of other payment processing systems? This technology offers a faster, easier way to accept credit and debit card payments. Traditional EMV chip systems require that the card stays in the terminal until the end of the transaction. It is necessary to know the final purchase amount as well as the authorization response from the financial institution.
In comparison, transactions with Visa Quick Chip can be faster because the card can be dipped and removed without waiting for the authorization response or final transaction amount. The cardholder has the option to insert the card at any point in the transaction. For example, the transaction can still go through if the card is inserted at the beginning, middle, or end of the checkout.
Same Security, Faster Transaction
There’s no reason to worry about the security of this shorter transaction time. The same level of security is available, but the system may use a predetermined amount for the transaction so that a cryptogram can be created.
When the card is removed and the total amount is finalized in the checkout process, then the terminal takes that total and sends the request to the financial institution for approval.
The best thing about Quick Chip is that it can be done with a software upgrade, and you don’t need to worry about extra EMVCo or Visa certification testing. If you are interested in implementing this technology in your business, then right now is a great time to talk to our team about your options.
We are working hard to offer the best services for payment processing. Call us anytime for information about the full range of services that can be used for your business transactions.