![]() By the end of this article, you should have a much better idea of which credit card processor is right for your company. This complete guide for businesses will cover the different types of machines available, what to consider when choosing one, and how much they cost. In this article, we cover everything you need to know about credit card machines. ![]() These machines include the physical card readers to chip read or swipe the credit cards themselves – or to accept tap and pay cards or Apple Pay - and the associated software to process the payment on the backend. To accept debit cards and credit cards, you need to have payment processing machines. Failure to accept debit and credit card payments can impact your bottom line significantly. Doing so helps ensure that you complete a sale. (The higher the security risk you pose as a merchant, the higher your fees.No matter if you run a small business or a large-scale company, you want to give your customers numerous payment options. Last but not least, because card-present transactions pose less risk of credit card fraud and chargebacks compared to card-not-present transactions (online purchases and any time a credit card number is manually keyed in), EMV transactions incur lower credit card processing fees, which can potentially save a hotel thousands of dollars per year. Charges are harder for guests to dispute when EMV card-present transactions are considered proof that the customer was actually there. This alone is a big incentive for hotels to implement EMV to protect themselves from the very real possibility of financial losses due to counterfeit credit card transactions.ĮMV reduces the risk of costly chargebacks too. Providing an EMV payment option helps reinforce your business’s credibility and gain the trust of your guests, which impacts the overall guest experience of your property.Īs mentioned earlier, the shift to EMV has also shifted liability from the card issuer to the merchant if the merchant doesn’t support EMV chip transactions. Lodging operations that adopt EMV are protecting both their guests and their business. The dynamic nature of single-use codes makes it virtually impossible for thieves to steal credit card data that can be used fraudulently-even if the encryption is unlawfully captured and decrypted, it wouldn’t be valid for future transactions.Īdvantages of Implementing EMV at Your PropertyĮMV is currently the most secure method for accepting card payments on site, and significantly reduces card-present fraud and the associated costs. When making a payment with an EMV chip card in person, the card is inserted into an EMV chip card reader to validate the card and create a unique, encrypted code for that specific transaction (a different code is created for each and every transaction). Because this information is static (it’s always the same for every transaction), it’s relatively easy for credit card data to be copied via compromised credit card readers and used to make counterfeit cards. ![]() With a traditional magnetic stripe swipe card, only the card number and expiration date is needed to complete a card-present transaction. While on the surface it might not seem like a big deal, inserting a credit card chip versus swiping a credit card stripe makes a big difference to payment security.
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