As technology advances quickly, businesses must keep up with the latest trends to stay up-to-date, competitive, and efficient. One of the most significant technological advancements for businesses, especially in the retail or service industry, is an EVM (Europay, MasterCard, and Visa)-compliant chip terminal. These terminals are designed to ensure secure payment processing, save time for businesses and customers, and increase overall customer satisfaction. This blog post will explore five benefits of using an EVM-compliant chip terminal.
1. Enhanced Security:
With an EVM-compliant chip terminal, businesses and customers can enjoy higher transaction security. These chip terminals allow customers to insert their credit or debit card into a slot, and the chip on the card uses an encrypted code to communicate with the terminal to authorize and process the transaction. This process is much more secure than the traditional swipe-and-sign card processing method because it reduces the chances of fraudulent activities like skimming and phishing attacks.
2. Faster Transactions:
EVM-compliant chip terminals offer faster transactions than traditional swipe-and-sign card processing methods. The chip technology used in these terminals allows for quicker processing and approval times, allowing businesses to complete transactions more efficiently and reducing customer wait time. The speed and efficiency of EVM-compliant chip terminals can also help businesses increase their overall transaction volume, thus improving their bottom line.
3. Improved Customer Experience:
An EVM-compliant chip terminal can improve the overall customer experience by speeding up transaction times, improving payment processing security, and offering a more modern payment system. Many customers prefer to use modern payment methods, and an EVM-compliant chip terminal can help businesses to reach that standard. Be it through instantaneous approval processing times or an advanced security system; customers shall undoubtedly appreciate the use of such technology.
4. Compatibility with other Technologies:
EVM-compliant (chip) terminals are so advanced in their customization and capabilities that they can be easily integrated with other technologies. EVM terminals can be integrated with point-of-sale (POS) software systems, which can help businesses better manage workflows and optimize operations, resulting in more significant revenue from better customer engagement.
5. Compliance with Regulations:
Many countries and regions have established regulations and requirements for payment terminals to protect businesses and customers from fraud. Adhering to these requirements can help businesses avoid legal issues, and an EVM-compliant chip terminal is considered a necessary component to remain compliant. Transactions with these terminals are also less likely to attract regulatory intervention and are secure and protected.
An EVM (chip) terminal is a great investment for any business that seeks sustainable success in the long run. By upgrading your business’s card-processing technology to EVM-compliant (chip) terminals, you can benefit from enhanced security, faster transaction times, improved customer experience, compatibility with other technologies, and regulatory compliance the platform offers. It’s time to make your business more secure, efficient, and reputable. Invest in an EVM-compliant chip terminal today!
Simplify payment processing for your business with TruePay’s EVM-compliant (chip) terminal. Rest assured, your transactions are both safe and secure.
Contact us today to learn more!