Quick Chip is one of the greatest enhancements to EMV since the security standard’s inception. With it came the speedy cardholder experience that U.S. merchants needed for the full-blown replacement of their mag stripe readers. Faster EMV seems to be making all the difference.
So, what constitutes “Faster EMV”, anyway?
The global certification player, UL, tackled the question in an October 2016 study and came up with two measures: terminal software time and processor response time. Added together, they make up the total transaction time.
UL’s measurements of industry times for terminal software ranged from 3.7s to 17.3s and processor auth responses took between 1.2s and 18.9s.
So, that means if the slowest EMV software and the slowest processor were paired together, cards would be stuck in readers for 36.2 seconds. That’s a bad consumer experience!
Thankfully, Quick Chip rescues situations like these.
Quick Chip truncates certain processing steps that are unnecessary in the United States. Doing so shortens the “Insert Time” that a chip card sits in an EMV reader. The faster the Insert Time, the better the experience.
RevChip’s Insert Time is 2.7 seconds.
That’s much faster than any times logged in the UL study or any published by other EMV providers like Square.
EMV need not be a huge expense or a technology hassle. Merchants should be able to preserve their POS marketing programs and implement chip cards and Apple Pay in just a few days. If you agree, check out RevChip.