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Sponsored content – Banking: Chip cards create chance to “get it right”

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Changes in the financial services industry have led to the development of payment cards enabled with security chips designed to protect customers against fraud at the register.  Both banks and businesses are incorporating new EMV or “chip” technology into our products and systems. 

Eric Wall Bank of TravelersRest

Eric Wall
VP/Marketing Director
Bank of Travelers Rest

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This shift in technology has created the opportunity for banks and businesses to develop a plan to guide customers in order to prevent frustration using the new cards. 

First, note that using the new chip card will be a little different.  Rather than swiping the card through the reader, chip-enabled cards must be inserted into the terminal, facing up. The card must remain in the terminal until the transaction is complete.

While in the terminal, the chip generates a one-time code necessary for approving the transaction. Once the transaction is approved, most terminals will prompt the user to remove the card. And that’s it. 

If the terminal has not been upgraded and the customer has a chip-enabled card, they will swipe as usual. 

Taking a moment to educate our customers as this new technology is introduced can reduce customer frustration and help us in the service industry to “get it right.”

Perspectives is sponsored content providing business answers to industry questions.

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