Guest Post written by: United Processing Advisors
Due to the many large credit card hacks targeting large companies, including Target, Staples, and Home Depot, the concern for credit card protection has never been greater. Not only are credit card hacks concerning for consumers, but 47 percent of SMBs report credit card fraud as their top concern. However, due to new sophisticated encryption systems, verification services, and transaction processing technology, fraud is becoming more difficult to accomplish. New technologies, such as EMV and Apple Pay, work together to protect both merchants and consumers against the risk for fraud.
What is EMV?
EMV chip technology is growing to become the global standard for credit and debit card payments as it uses smart chip technology features with embedded microprocessor chips to store and protect cardholder data. With the security of personal information a high concern, EMV increases the protection against fraud and adds security to safeguard personal data. These features are much stronger than those with traditional magstripe cards, which can easily be copied and skimmed.
By becoming a chip-enabled business with EMV, card companies like Visa and Mastercard are offering incentives and savings for merchants who make the switch to a more secure future. In addition, some card companies will now hold a business liable for card fraud if they aren’t using a chip-enabled POS system.
What is Apple Pay?
With the release of the latest IOS system from Apple, consumers now have the option to use the digital wallet, Apple Pay. Apple Pay is different than other digital wallets as it offers a contactless means to pay for products and services. The system allows customers to enter their credit or debit card information, which is stored in their digital wallet. Then, to make a purchase, individual Tokens are used, which can only be used once to protect against fraud and device theft. This new method eliminates the need to manually swipe a card or reenter card information for each purchase. Apple Pay is a simpler and more secure means for consumers to make payment transactions.
As consumers are becoming more and more concerned about security and fraud when it comes to making purchases, they are more inclined to choose a business that meets their needs for security. By offering EMV and Apple Pay, you’re able to safely accept a diversity of payment options, making you more appealing to consumers. You will revolutionize the way your business handles transactions as you step into the future with Untied Processing Advisors by offering Apple Pay and EMV.
The world of accepting payment transactions is diversifying and United Processing Advisors will help your business succeed with the latest transaction technology. United Processing Advisors connects your business to the future of payment processing with EMV and Apple Pay. Supported by extensive industry experience, your business will be connected to the current trends, simplifying the way your business handles payment transactions.
Josh Mason, President & Founder – United Processing Advisors
1-877-424-7089
