Visa’s Quick Chip To Accelerate EMV Payment Processing

Jul 05, 2016

EMV adoption by merchants is certainly on the rise. However, EMV payment transactions require longer time at the point of sale (POS) as compared with magnetic-stripe cards.

Visa’s Quick Chip for EMV Transactions

Visa has recently introduced its Quick Chip for EMV, which aims to help users complete faster checkout. Quick Chip by Visa also enables users to enjoy streamlined processing and provides a simple implementation both for consumers and merchants.

According to Stephanie Ericksen, VP Global Risk Products at Visa, Quick Chip boasts not only speed at checkout, but also the ability to dip the card and take it back while the transaction goes on. In fact, this practice is already in use. The point is that it is not widely used.

What is important, the implementation of Quick Chip doesn’t require additional testing or certification from a Visa or EMVCo. Moreover, no changes should be made to the process, and the technology is inherently EMV compliant. As Ericksen mentions, all you need is just a simple change to the terminal software.

Given rapid changes in the modern world of the Internet and high technologies, it is critical for merchants to find a reliable payment processor in the field. Those interested in credit card processing for high risk business should consider turning to EMB is voted the #1 high risk merchant account provider in the US and offers the lowest possible rates and the best services in the industry.

Visa’s Quick Chip Transactions for Merchants  

Merchants witness an increased number of EMV transactions processed through their systems. Also, more and more consumers are experiencing contact chip. All this resulted in several discussions in the industry concerning another alternative that would speed up EMV transactions.

The idea of cards featuring a dual interface is still being discussed. The mentioned dual interface has to do with bringing contactless and EMV capabilities into a single card. However, it is believed that Visa’s Quick Chip is capable of accelerating checkout much faster and cheaper than it could be done by dual-interface cards.

The ability to simply deploy a Quick Chip into a software iteration could become warmly indorsed. This is true especially of a holiday shopping season when the need for quick and speedy transactions at checkout is huge.

The fact that Quick Chip is a Visa specification doesn’t mean it cannot be practiced across all the networks. According to Ericksen, other industry players should figure out how they can fit Quick Chip into their own strategies and requirements. This way, they could make Quick Chip deployed for anyone and for all Visa cards both debit and credit.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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