Implementing a chip card reader isn’t as expensive or bulky as it once was; Square offers a $49 compact version that also includes a contactless reader (think: Apple Pay, Android Pay, etc.) for seamless purchasing. Here, the reasons why servicing chip cards gives you and your clients peace of mind.
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They’re hard to clone.
Traditional magnetic-stripe cards make the card users’ data static (unchanging), which allows for thieves to “skim” the card information once, clone it and use it. With chip cards, the data is transmitted dynamically, meaning it changes each time it’s read, making it pretty useless for a fraudster to steal.
They protect your clients’ information from leaking.
Unlike magnetic-stripe cards that broadcast clients’ bank information into the payment terminal, the chip card’s microchip encrypts this information so that it’s difficult for thieves to crack.
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They’re designed to prevent in-person fraud.
Magnetic-stripe cards can’t be authenticated in the moment, making it easy for a thief to successfully swindle you when they swipe a counterfeit card. Chip cards, however, were created to prevent fraudulent charges that occur when nefarious clients physically swipe a counterfeit card at your payment terminal.
They instill client confidence.
When your clients know their information is safe, they’ll have a more positive perception of your business—and that’s priceless.
[Image: Getty Images]
