Read This If You’re Still Not EMV Compliant Because You’re Worried About Slow Transaction Times

slow emv transactions

A big complaint by consumers and merchants is that EMV transaction are slow. Many merchants stated this as a reason why they have delayed upgrading to EMV.

It is true that EMV transactions do take longer.

This is partly because consumers are just accustomed to less secure, magnetic swipe payments. This condition of speed and convenience over security is ingrained into many consumers and now change is slow to adopt.

For merchants, the long transaction times are an issue because they don’t want their customers to get annoyed. Most EMV transactions take around 15 seconds to complete. While it doesn’t sound like much, if you have a busy day and lots of customers waiting to pay then the longer wait times can create many unhappy and frustrated customers.

While long transaction times are a legitimate concern for merchants, it’s a serious mistake to neglect EMV compliance for this reason. Since the EMV liability shift, the merchant’s who are not compliant are responsible for all fraudulent credit card charges.

So if you’re not EMV compliant, expect to face potentially thousands of dollars in chargeback fees if fraud occurs using your terminals.

Is that really worth the risk?

Most merchants know that they should be EMV compliant but are so terrified about the impact slow transaction times will have on their business. MiCamp understands this is a legitimate concern but we also have the technology and capability to make your EMV transactions process as fast as possible.

The good news is that as the technology improves, the speed of transactions will increase, and your customers will also become more familiar with the new EMV payment method.

If you are not EMV compliant, Call MiCamp today!

Ask about our current emv solutions or custom integrations. 888-397-0171