Store owners provide many items that consumers may want to purchase. An environment where shoppers can enjoy worry-free transactions could lead to future store visits. Valued Merchant Services offers some insight for business owners who may wonder if credit card readers are safe.
About Credit Card Readers
Credit card readers are growing in popularity as the desire among consumers to carry cash diminishes.
At the moment, credit card readers are available in a variety of shapes and sizes.
Industry experts from Europay, Mastercard and Visa created the technology for secured EMV credit card chips and for EMV chip-card readers to protect consumers and merchants from fraud.
EMV chip-card readers are typically displayed in a fixed location for point-of-sale transactions. A dedicated portion of a merchant’s counter space is used to display a chip-card reader for debit card and credit card transactions.
While an EMV chip-card reader commands a fair amount of space, it is the most secure credit card reader to use for electronic payment methods.
Point-of-sale chip-card readers are also ideal for merchants who want to offer contactless payment methods for shoppers and for swiped transactions via a magnetic stripe.
Magnetic stripe credit card readers have enabled merchants to accept credit cards and debit cards at checkout for many years. Although, magnetic stripe technology is more vulnerable to hackers who may attach skimming devices to unlawfully obtain a cardholder’s data.
Many merchants enjoy the ease of use and ergonomic appeal of magnetic stripe card readers, which are fairly thin and require less counter space. The is a tradeoff for merchants who only use magnetic stripe card readers versus EMV chip-card reading devices.
Merchants who only offer magnetic stripe payment methods for consumers may be liable for fraudulent transactions and subject to fees for operating outside of PCI compliance.
Secured Credit Card Readers for Electronic Payments
Transactions that require a cardholder to dip his credit card into a EMV chip-card reader and enter a personal identification number is a secure way to make an electronic payment.
Within seconds of entering a PIN into a credit card reader, a one-time authorization code is sent to the merchant that validates the transaction. Afterwards, the customer can swiftly proceed through checkout without worrying if her information was compromised via a data breach.
Merchant service providers often recommended secured credit card readers from some of the largest brands within the industry.
The specific credit card reader that a business owner should use will ultimately depend on the needs of the business. Certain devices are highly rated for brick-and-mortar stores, mobile business sales and for ecommerce payment processing.
Business owners who receive support from reliable merchant service providers can inquire about the best secured credit card readers to safely accept electronic payments.
NFC Credit Card Readers for Contactless Payments
A busy consumer who wants to exit the checkout area as quickly as possible might initiate a contactless payment with her mobile phone.
Near-field communication enables a secured credit card reader to receive information via an antenna that is stored on a cardholder’s contactless credit card.
Using NFC technology, a smartphone that has the cardholder’s data on the device may be waived within close proximity to a wireless credit card reader to facilitate a smooth payment experience.
Consumers with a chip-embedded card that reflects a contactless payment logo can also waive his credit card near a wireless credit card reader to pay for items at checkout.
Merchants are encouraged to use secured credit card readers for safe payment experiences.
Speaking with a knowledgeable sales representative about the best software and equipment for point-of-sale transactions could prevent a merchant from enduring losses that stem from a variety of fraudulent schemes.
Contact Valued Merchant Services today for more information about safe checkout solutions.