Why You Received A New Credit Card from Your Bank

Why You Received A New Credit Card from Your Bank

Swiping your credit cards when you make a purchase could very well soon be a thing of the past.  If you haven't received a new credit card in the mail yet you will soon.  Banks have been sending their customers brand new chip-enabled credit cards that only require being inserted in credit card readers to complete transactions.

These new chip-enabled cards look similar to the credit cards you're used to except for one small difference, a small metallic chip located on the front of the card.  Think of these EMV microchips as mini computers.  They securely hold your payment data as well as provide a unique code specific to each purchase.  This is a change from having cards where all the data is exclusively held on the magnetic stripe.

Chip-enabled cards have actually been around for more than 20 years and are prevalent in many other countries but are only now becoming the primary payment method of use in the USA.  EMV cards are more secure than magnetic stripe only cards and add additional security each and every transaction.

Swiping your credit card could soon be a thing of the past. Banks have been sending out new chip-enabled credit cards that have to be inserted and held in a credit card reader to complete a transaction.

Today, October 1st, marks the deadline for all business owners to become EMV compliant with readers that support this new software.  Please feel free to call Sunlit Merchant Services to verify whether your equipment is up to date and in compliance with these EMV standards and also find out about how we can reduce your current merchant processing rates.

To read more click here.

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