Should You Speed Up Your EMV Transactions?MiCamp Solutions
Since the EMV rollout, the checkout process in the U.S. has changed. And, according to many merchants and consumers, not necessarily for the better.
A typical EMV transaction may look like this: a consumer arrives at checkout, and while the cashier is ringing up their items, an EMV chip card is inserted into the terminal. The cashier must then ask the consumer to remove the card and wait until all the items have been rung up. The consumer removes the card from the terminal and waits until the cashier is finished. The cashier rings up all the items and a final total is calculated. The consumer can then insert their card into the terminal and begin the payment process.
This scenario has played out many times since EMV was implemented in the U.S. and the slow nature of EMV transactions has been a major complaint by both merchants and consumers. A typical EMV transaction can take up to 15 seconds to complete – from the terminal detecting the chip card to getting a successful authorization message, there’s quite a lot happening in the background. And consumers have grown accustomed to swiping their magnetic stripe card – and then putting that card back in their wallet before the last item has been scanned by the cashier. Waiting until the end of the interaction makes the checkout process feel even longer.
To address this problem, Visa created Quick Chip software and Mastercard created M/Chip Fast. Both solutions speed up EMV transactions by allowing the consumer to insert their card at any point during the transaction.
There’s no doubt that faster transaction times play an important role in customer satisfaction and generating more revenue. Faster transaction times mean happier customers. For restaurants, bars, and cafes, fast transaction times mean being able to serve more customers each day, resulting in additional revenue.
Despite the success of the Visa and Mastercard quick EMV solutions, some merchants may not be able to utilize the technology if their payment processor does not support the software or if there are compatibility issues with their existing point-of-sale (POS) system.
For merchants looking for a fast, secure solution that integrates with their current payment setup, our innovative new payment technology, MiPoint, can help. MiPoint is a mobile, EMV-compliant, pay-at-the-table solution that offers a better customer experience – the ability to bring fast and accurate EMV transactions right to the customer.
It’s the EMV-certified, PCI-compliant payment processing solution you’ve been looking for – and it integrates to many popular POS systems, meaning you can keep the systems you have invested in and are familiar with. Get in touch with us today to find out more about MiPoint and how it can streamline your payments.