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Increased checkout speed and improved customer service
Using a PIN is 2 to 4 seconds faster than obtaining a signature. With no need to ask customers to sign transaction receipts and no need to verify their signatures, you can complete transactions faster and attend to the next customer sooner.
Increased protection against fraud
A PIN is used for cardholder verification and the embedded Chip in the Visa card is virtually impossible to copy. Together these features provide you and your customers with increased protection against fraud, which can result in fewer chargebacks. In the U.K., research shows that fraud related to lost and stolen payment cards has decreased by more than half since the adoption of Chip & PIN in 2004.3
Simplified, more efficient store operations
A PIN reduces the need for authorization referrals, further improving efficiency and service as well as simplifying your retail operations at the point of sale.
A heightened sense of payment security for customers
Your customers have greater control over Chip cards because the card remains in the possession of the cardholder: The cardholder inserts their Visa card into the Chip-reading terminal/PIN pad then enters his or her PIN, allowing the card to remain in sight of the cardholder throughout the transaction.
Support for new features and functionality
Chip technology enables adoption of new payment solutions such as Visa payWave™, which allow Visa cardholders to make low-value, everyday purchases faster and more conveniently than cash, simply by waving their Visa payWave card within close proximity to a secure contactless reader. Chip technology also provides a more secure platform for wireless point-of-sale (POS) terminals used in establishments such as restaurants, to enable guests to complete their Visa card transactions without leaving their tables.
To learn more about Chip technology and how it can help benefit your business, contact your Acquirer/Payment Processor.
2 The Implications of Chip & PIN Migration: A Canadian Retailer's Perspective
- J.C. Williams Group, January 2007
3 The Association for Payment Clearing Services (APACS), March 2008
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