EMV Compliance And Transaction TimesMiCamp Solutions
It’s true that EMV transactions take longer.
From the time a chip card is dipped into a terminal until the consumer is prompted to remove their card, the transaction process certainly seems more complicated than the traditional swipe method merchants and consumers had grown accustomed to.
For merchants, long transaction times can present friction at checkout: annoyed consumers, lengthy lines for employees to handle, and confusion surrounding the process. Most EMV transactions take around 15 seconds to complete. While that doesn’t sound like much, longer wait times on a busy day can result in frustrated consumers.
While long transaction times are a legitimate concern for merchants, there are several benefits to adopting an EMV-compliant payment solution. EMV offers increased payment security for merchants and consumers – consumers’ sensitive payment card data is secured and merchants are better protected from the damaging effects of a data breach. Merchants also benefit financially – merchants who are not EMV compliant must absorb the cost of fraudulent transactions. These merchants can potentially face thousands of dollars in chargeback fees.
As technology improves and consumers become more familiar with the new checkout process, the speed of transactions will increase. In the meantime, MiCamp has the technology and capability to make EMV transactions as fast as possible.
If you are not EMV compliant, contact MiCamp today to learn about our current EMV solutions and custom integrations.