A brief introduction to EMV
The term EMV is actually an abbreviation for Europay, Mastercards and Visa. The technology, introduced to the world in the 1990s, was made to ensure the security of payments using POS terminals. It can also be referred to as the global standard for payment using debit and credit cards.
Before its invention, businesses and the card issuing bank were both liable for costs resulting from fraudulent transactions. However, in more recent times, the party who is not in compliance with the EMV standard will bear the responsibility of any fraudulent activity. As such, merchants and POS providers must ensure that their devices are EMV certified in order to process credit card and debit card payments.
A few years back, businesses typically relied on the usage of EMV POS terminals to process their cashless payment transactions. With the help of magnetic microprocessor chips to ensure safety, businesses were able to access information on a customer’s card and encrypt the information to ensure protection against hackers. There were also extra layers of security such as requiring a cardholder’s verification in order to authenticate the transaction. Merchants had to own additional hardware in order to process them, such as through the usage of a card reader.
Cashless / Contactless Payment Uprise
With the increasing popularity of cashless transactions, it is becoming more and more necessary for merchants to cater to cashless payment methods. As time goes by, these standards, that were once seen as a competitive edge, will soon become the norm. After the pandemic hit, merchants globally are recognizing the importance of contactless payments. Customers demand convenience, and being unable to provide it could cause significant loss to a business.
In recent years, NFC and SoftPOS technology was introduced to the world. This completely revolutionized the way merchants conduct payment transactions. By using SoftPOS and NFC-enabled devices, merchants can now directly accept card payments using a phone, tablet or desktop, eliminating the need for additional payment acceptance devices and software. This enables merchants to adopt a POS solution because it becomes much more affordable and accessible to them. Instead of having to purchase many devices, they can simply control everything from just one device. In addition, a good SoftPOS solution can also help companies save time and increase efficiency. It can even create a more positive and enjoyable checkout experience for customers paying with a contactless card. It is also a very secure method of payment, so card fraud will not be a concern. Check out this video made by our client, FeedME POS, featuring our Falcon 1.
Credit card payments
Most Android POS hardware manufacturers are not able to offer their customers with the ability to accept credit cards. As they were required to be EMV certified, it was extremely expensive for manufacturers to meet the standard. However, EMV is currently rolling out an initiative that allows android devices with NFC compatibility to accept credit card payments securely. Using a SoftPOS encryption, software companies are now able to protect data and information in order to process credit card payments.
iMin offers a wide variety of Android POS hardware to serve a wide spectrum of businesses from any industry. We provide versatile hardware that is modern, sleek and functional. Together with our software partners, iMin aims to bring affordable and wholesome POS solutions to merchants globally. With our NFC-enabled and SoftPOS compatible devices, we are one of the front runners that are able to help merchants accept credit card payments securely. Our products also provide merchants with innovative solutions that can improve the checkout processes of their business greatly. Through our thoughtfully designed hardware, such as the Swan 1’s NFC capabilities using its secondary monitor – the first of its kind, and our Falcon 1’s unique secondary screen, we enable merchants to accept almost all payment methods with SoftPOS integration.
iMin wants to empower merchants by helping them digitalize their businesses. Our POS solutions will help merchants accept any type of payment methods while improving their work efficiency and effectiveness. The future of contactless payments is coming, get started with us today!