Hello all, I was just wondering of anyone has switched hardware over yet to be compliant with Chip and Pin cards?
I had talked to a merchant processor (solicitor) he had said that we are most likely paying higher rates on chip and pin cards. Does anyone have any info on this? I have two stores, both with the same hardware for swiping. Both are less than 18 months old, I’m really not wanting to replace this hardware already…
Thanks in advance.
Steve
To my understanding by the end of the yr, its suppose to be mandatory from my conversation with my processing company, so i did the switch a few months ago, my new machine has both chip and magnetic reader, it automatically detects the chip if they swipe and tells customer to insert into chip reader. As far as rates i really have not noticed a big diff. in rates yet
In Canada we have had the pin and chip for a few years. It seems to be slower than the swipe and pin system but faster than swipe and sign. My rates have gone down over the past few years but I am not sure if pin and chip is the determining factor.
We have moved to NFC tap and go (even before iPay). I don’t like it because it bypasses the tip function.