When the first payment card was rolled out to clients in 1914, the banking revolution was nothing more than a glimmer in the industry’s imagination. In those days, payment systems were founded on paper money, whereas today’s shoppers rely on the digital distribution of information to fund their shopping sprees. The first credit card appeared in 1950, launching a new era of convenience and security. Today, the EMV card has become an international industry standard, with smart payment cards creating a new level of secure authentication.
Regardless of whether you’re running a business on real or virtual soil, the chip and pin system keeps you and your shoppers safe. The terminal you use is surprisingly influential on how vulnerable the system is to man-in-the-middle attacks, and it’s the SumUp chip and pin machine that provides that protection. The days when payment terminals were wired to a wall are over. The mobile chip and pin machine has arrived with enough portability to suit an array of business models that previously could only function as cash-only enterprises. From delivery services to service delivery, the mobility of this point of sale option brings incredible versatility to banking.
Pocket terminals connect to any Android or Apple device via Bluetooth, 3G, and 4G connections. They’re compact, inexpensive, and instantaneous, letting you accept debit and credit card payments after merchant account creation. In the past, businesses used to process card payments with bulky machines supplied by their banks, which generally disqualified mobile businesses and pop-up retailers from accepting card payments. The EMV chip and pin machine has caused an industry-wide evolution, clearing the way for pay-as-you-go systems that charge you only for the payments you accept.
How it Works
PIN numbers and magnetic strips were the pioneer security tools used by merchants after the signature method became too risky. EMV technology was designed at a time when the Financial Services Authority had placed the burden of risk on banks instead of consumers. With chip and pin cards, all information is kept on a computer chip, and cards have become globally functional. Used together with a four digit personal identification number, they’ve become so ubiquitous to the shopping experience that almost 40, 000 card payments are made in the UK per minute. That number is only growing. In fact, by 2025, it’s been forecast that cash will make up a mere 27% of all payments.
The chip itself is a data processor that’s protected by cryptography. It becomes active as soon as it connects with a chip and pin machine. The system has cut back on fraud exponentially because the chip is difficult to counterfeit. Magnetic strips alone are simply not secure. Cards with chips are infinitely more difficult to hack, which means when you receive a payment, it’s as good as money in the bank. All you need is the application and reader.
SumUp’s chip and pin reader comes with a convenient dashboard feature that exports payment information to an Excel file. Daily, weekly, and monthly reports are provided. The system doesn’t require a minimum number of transactions a month and has no fixed monthly fees. This means it’s user-friendly even for the tiniest of businesses. You pay only 1.69% of every transaction and can accept Visa, Master Card, Maestro, American Express, and V Pay. This chip and pin card reader also supports contactless payment transactions.
Processing payments is a streamlined process. The amount is entered into the app on a mobile device. The client’s card is inserted and checked for validity. The PIN is entered, and the transaction is authorized. A receipt can then be sent, free of charge, to your customer via text message or email. AAA batteries that function for at least 500 transactions fuel the reader itself. The touchpad is compact enough to fit into the palm of your hand. The application’s dashboard lets you keep track of payout dates.
More about NFC
NFC-equipped phones and tablets allow these devices to share information with your reader. They’re quickly becoming an industry standard on Windows, Android, and Apple phones, so this kind of point of sale system is becoming increasingly relevant. An NFC reader prepares you for an instant transition when smartphone payments become the norm. It uses less power than Bluetooth. Digital signatures and secure element chips protect your device from hardware and software-based attacks.
SumUp’ is the first mobile payment business to earn a profit. It’s expanding rapidly, so your chip and pin card reader comes with stable corporate foundations. It’s also supported in several countries. SumUp’s mobile transaction system lets you expand your revenue while you speed up your service delivery. The banking and payment processing sectors have enjoyed their revolution. Now it's time your business to be revolutionized, too.