The chip and pin machine suppliers midlands was first tried in Northhampton, England with May of 2003. Since the launch was so profitable the machines then went nationwide in the United Kingdom in 2004. The particular popular “Safety in Numbers” slogan was used to gain the trust of the public.
The transformation came as a time-consuming change to most banks and credit card companies as they scrambled to change older cards with the new updated cards. Many of the finance institutions stated that they would replace cards once they were terminated, however with the amount of cards not set to expire for years the actual pressure was placed on these organizations and cards ended up replaced at the consumer’s wish.
Previously, when using a credit card the item required handing your card to an attendant or personnel who would scan your card or imprint it. Having identity theft and credit card theft at an all-time high it is not unusual to see more retailers going to a chip and pin machine for verification.
These machines often let the purchaser keep the card in their own hands while scanning and then entering all their personal pin number for verification. The cards contain the embedded microchip that stores the data for each individual cards. Once the card is swiped the purchaser is advised by the machine to enter in their personal pin number and once the telephone number is verified the transaction is completed.
Before these kind of machines were being utilized it was not uncommon for credit cards being cloned or copied. On top of being safer some of the greatest important things about the chip and pin machine are the fact that they are user friendly as well as a stolen card is worthless without the correct 4-digit pin number code. Credit card fraud is down almost 75% since the release of these machines.
With the increased security it is easy to see why transferring to this method is commonly accepted by almost all retailers in addition to restaurants. To continue with the old methodology of using the preceding machines these companies would be risking too much and the liability with regard to credit loss would fall on the company. As if the pros to the purchaser were not great enough the liability factor features all but guaranteed that all businesses will soon follow suite.
The actual chip and pin machine is a big advantage to companies and individuals. When a company uses other machines they become liable with many different levels. Other machines can allow the cards for being stolen, cloned, copied and/or lost. Also if a several machine is used the company could be liable for the charges applied to the card after it was used at that businesses establishment.
Customers truly feel safer when purchasing items or goods without having to shell out their credit card. There is no liability on the company, only the purchaser can lose his or her card. It is much easier for a corporation to gain new customers when they make them feel safer and more pleased.
There really is not any reason why a company would not want to have a chip n pin machine for their business. The cost is relatively low, customers desire them and it just makes life easier.