If having a chip reader is non-negotiable for your business, keep in mind you’ll end up paying more for this premium feature. If payment isn’t approved by the issuer or financial institution, the payment is immediately denied in the credit card reader. Some credit cards also require a PIN from the credit card holder to complete transactions. It contains additional identifying information about your card, making it harder for thieves to reproduce it and use it. The “chip” is a tiny metallic emblem located on the side of your credit card. Over the last decade, many credit card issuers and financial institutions have adopted credit cards with embedded microchips for added security. In fact, many budget-friendly credit card readers cost less than readers without encryption. Luckily, encryption is not considered a “premium” feature that drives up the price.
While it seems like encryption should be a standard feature in credit card readers, it’s not. This means the reader is equipped with security precautions that minimize the possibility of credit card theft. Information security is paramount, which is why it’s generally recommended to choose credit card readers that are encrypted. That way, if you experience a power outage or your regular reader malfunctions, you can still accept mobile payments. Even if you’re investing in a terminal or software-driven credit card reader, it’s a good idea to invest in an app-driven reader as a backup.
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