Incredible customer service is the cornerstone of success in every service sector, whether retail or banking. The key is to provide services as efficiently as possible and consistently meet customer expectations.
The Growing of Self-Service Industry
This is where technology comes in. Businesses today are constantly working on digital solutions that enable them their customers to purchase products without interacting with staff members. This led to the creation of self-service solutions, which provide a technological interface that allows customers to interact with the business without any human interference.
Self-service technology was first introduced in the 1960s in the form of ATMs (Automated Teller Machines). However, it has come a long way since then and is now widely used in the form of vending machines, kiosks, e-support, mobile banking, and so on.
What is EMV?
Before we look at the role of EMV in the self-service industry, let us talk about what EMV actually is.
EMV (Europay, MasterCard and Visa) is a global payment solution or standard that was introduced by these big credit card providers. Instead of the usual magnetic strip, the EMV technology utilizes an embedded microprocessor chip, which enhances the security through a unique card authentication process.
The adoption of EMV technology in the self-service industry is still in the early stages. However, retailers have taken drastic measures in order to enhance the security of their customers.
Ever since the EMV liability shifts
in October 2017, retailers are more aware than ever of the importance of providing enhanced security for the protection of sensitive customer data.
How EMV Changed the Self-Service Industry?
Customers do not like waiting in long queues. They would rather leave a store and shop somewhere else. They expect quick service and a seamless experience every time they interact with a business. This is where EMV technology has changed the game.
All customers have to do, whenever they are in a superstore, is to insert their chip cards in the EMV reader in the self-service kiosk and their payment will be made. What’s more, the whole process is completely secure, so there is no need to worry about data theft.
This has not made the shopping experience of the customers seamless but has allowed retailers to free up their space by eliminating check-out counters. This means higher revenue per square meter.
How is EMV technology Implemented?
It is not really easy for retailers to implement EMV technology into their payment systems. It requires PCI-Compliant payments devices, software upgrades, P2PE encryption gateways, and continuous security audits.
Therefore, it is imperative that retailers carefully plan and budget the implementation of EMV into their payment solutions.
UIC is one of the leading POS solution providers and supplies POS systems and payment terminals to businesses in the US. We provide EMV payment terminals, EMV contactless readers, mobile card readers, and everything else they need to make card payment processing faster. Contact us
to learn more about our services.