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American Express Releases Amex Quick Chip

American Express Releases Amex Quick Chip

One of the biggest complaints by both merchants and consumers about EMV has continued to be slow checkout times. American Express recently announced that they will be offering merchants the ability to speed up transactions with Amex Quick Chip. In the current EMV payment process, consumers leave their chip card in the reader for the entire duration of the transaction. With Amex Quick Chip, consumers can dip their card at any time and remove their card before the transaction is complete. “This can reduce the time Card Members must keep their Cards inserted in the terminal, providing an experience similar to swiping a magnetic stripe card and enabling merchants to streamline the checkout experience.”

Earlier this year, Mastercard and Visa released similar programs called M/Chip Fast and Quick Chip, respectively. The industry is working together to combat slow transaction times – hopefully alleviating some merchant concerns about implementing the technology. “Reducing friction for cardmembers and merchants is a key priority for American Express,” said Mike Matan, vice president of global network business for American Express. “Amex Quick Chip provides merchants operating in industries where fast checkout speed is critical with an option for ensuring cardmembers can quickly and efficiently pay for purchases with their EMV chip cards.”

EMV technology helps protect merchants from instances of counterfeit credit card fraud – and mitigates merchant chargeback fees for fraudulent purchases made with EMV cards in their environments. By helping secure payment card data in card-present environments, merchants also save money on costly PCI audits and protect their brand from a potential cyberattack or data breach.

If you are a merchant looking for an EMV-capable, PCI-certified payments solution – look no further. Our MiPoint solution not only accepts EMV payments and has payment security technologies like tokenization and encryption built in, but also allows merchants to accept Apple Pay or Samsung Pay, send emailed or text messaged receipts, and is completely mobile. From the corner side café to a flower stall at the farmer’s market, MiPoint is able to process payments quickly and securely – wherever you may be. Contact MiCamp today to learn more.

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