Visa announced on Tuesday at the Electronic Transaction Association’s TRANSACT 16 event that they will be launching Quick Chip for EMV, a simple software update that makes for quicker EMV processing and faster checkout times. The update is free of charge to processors, acquiring banks, and merchant services to give to their retailers. The streamlined update is just a simple software update to the merchants terminal or Point-of-Sale System.
What Does This Mean for Merchants?
Your customer no longer has to leave their card in waiting for the whole transaction to take place. The customer simply dips their card in the reader for two seconds and they're done. This can take off 18 seconds of the total transaction time. This means a quicker transaction and less frustration for you and your consumers.
This update is also making a stronger case for merchants to shift to EMV. Now with quicker transaction times and easy implementation. According to Visa, more than 265 million Visa Credit and Debit Chip cards have been issued, making the U.S the largest chip card market in the world. With that being said, only 20% (or roughly 1 million), merchant locations have made the shift towards EMV acceptable terminals.
Make sure you are part of the growing pool of merchants that are making the switch to EMV acceptable terminals, now with Visa making it easier than ever.