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13/11/2009 -
To make the most of the busy holiday shopping season, merchants may want to consider using chip card technology in their POS terminals for safer and faster payment processing, a recent study suggested.A study by a leading payment processing firm found that Canadian merchants who use chip technology in their POS terminals experience fewer chargebacks, largely due to increased security and fraud detection.
Specifically, Canadian merchants who processed more than 40 percent of their transactions using chip card technology experienced an average of four times fewer chargebacks than those who processed less than 40 percent of transactions using the technology.
The benefits of implementing chip-enabled POS terminals varied by type of business, the study found - retailers reported 2.9 times fewer chargebacks while restaurants reported a 1.8 times fewer chargebacks.
Currently, approximately one-third of total transaction volume in Canada is processed using chip technology, said the study.
These findings are corroborated by research finding that, since the adoption of chip and PIN technology in the UK in 2004, fraud related to lost and stolen payment cards has decreased by more than half, according to Visa.
