The Plan to Make Chip Credit Cards Less Annoying

by Sarah Grotta 0

Credit card in a pin pad - EMV Chip

 Years after the migration to EMV in the U.S. launched, consumers have gotten the hang of inserting their chip cards or first asking the clerk whether to “swipe to dip” if the correct procedure isn’t obvious. What has still yet to be improved for many is the speed of the transaction. Visa and Mastercard introduced Visa’s Quick Chip and Mastercard’s M/Chip Fast that allow cards to be inserted and then removed from the terminal in relatively quick fashion, but it requires effort on the part of merchants to integrate the faster transaction processing capability. Bloomberg News reported:

It’s an awkward and irritating experience, and payment companies are aware of the problems. “Some places, it’s seamless and beautiful,” said Robert Martin, North American vice president of security solutions at Ingenico Group, the second-largest maker of payment terminals in the U.S. “Other places, not so much. But we’re learning.”

Unfortunately, there are no easy fixes. To connect to card networks, retailers use a countless array of software providers and payment processors. Payments can also be linked to more than a dozen other applications controlling store operations, from coupons to inventory. If not configured perfectly, this tangle of systems and vendors can slow chip transactions to a crawl.

The other item that is on the minds of terminal manufacturers to improve is the annoying beeping sound shoppers hear when it is permissible to remove their card. Verifone is offering several new tone choices which you can hear here.

Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group

Read the full story here

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