With every bank upgrading cards to chip cards, there exists a lot of misconceptions about the same and here we are about to debunk some of the common myths.This change has been mainly carried out to increase protection against fraudulent card usage.
As a retailer, the switch from swipe to chip can get a little confusing and sometimes worry the retailer on the usage. It’s quite simple and only the functionality of the card changes and the rest from entering pin to printing receipt remains the same.
To help straighten out some of the confusion, we’ve debunked four of the most common myths about chip cards.
Myth 1: Chips cards take the same time as Swipe Based Cards.
Not exactly. The new chip cards are inserted into a separate slot on the POS terminal and remain in the slot for several seconds while the system communicates with the financial institution that issued the card. So, don’t be surprised if chip card transactions take longer to process than magnetic stripe cards.
Myth 2: Chip cards cannot get damaged.
Definitely not. Though functionality might vary, the card is still prone to damage, and handling the same with care is necessary. If the chip is seen broken or damaged it is better to avoid usage of such cards and also retailers should communicate the same to the customer.
Myth 3: Chip Cards cannot be used for fraudulent activities
Not true. Though Chip cards are way more safer than swipe cards, they still have the threat of getting misused. Both retailers and customers have to take sufficient care and use them safely.
Myth 4: The new chip cards send personal information to the retailer. Untrue. The new chips store personal information including the cardholder’s name, the card number, its expiration date and the security code that is used to communicate with the financial institution that issued the card. This data is never shown on the retailer’s POS screen.
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