PayJunction Announces Drastically Reduced Wait Time for EMV Transactions
Santa Barbara, California (PRWEB) November 15, 2016 -- Slow EMV processing times plague checkout lines, resulting in a push to drastically reduce wait times. PayJunction, a Merchant Account Provider and Payment Gateway, released stats regarding its own EMV processing speeds. Its proprietary Smart Terminal processes EMV transactions in just 3.61 seconds (on average).
Data from UL Transaction Security puts the average EMV processing speed at 11 seconds, with the slowest terminals taking 22 seconds to process these transactions.This makes the Smart Terminal one of the fastest in the market.
EMV chip-card transactions take far longer than traditional magstripe ones due to a multi-step verification process. When inserted into a credit-card reader, EMV cards generate a one-time code that is sent to the cardholder’s bank. The bank confirms the code and sends confirmation back to the terminal authorizing the purchase — all in an attempt to reduce fraud. Both customers and cashiers feel the strain, as many customers continue to swipe or prematurely remove their chip cards.
“Time matters,” said Randy Modos, president of PayJunction. “The fact that we have one of the fastest EMV terminals in the market is an outstanding accomplishment for our engineering team. Not only is it fast, but integration is simple and removes the need for EMV level 3 certification and PCI DSS compliance. We look forward to working with market-leading software developers to add seamless payments and electronic signature capture to their applications with ease.”
What sounds like a small difference really adds up: Businesses that average 100 transactions per day save over 12 minutes daily by using PayJunction’s Smart Terminal over the average EMV chip reader. Over the course of a workweek, that figure grows to nearly 62 minutes, which translates to more than 53 hours in the course of a year.
PayJunction’s Smart Terminal is free for qualifying businesses that submit two months of merchant statements for a cost analysis. PayJunction strives to match or beat potential customers’ current rates and, at the very least, seeks to educate them on unethical billing that might hurt their bottom lines.
About PayJunction
PayJunction is a Level 1 PCI-compliant Merchant Account Provider and Payment Gateway specializing in green, paperless technologies. A generational tech company, PayJunction prioritizes long-term relationships over short-term gains while raising the bar of ethics in the payments industry. PayJunction has an A+ rating with the Better Business Bureau (BBB) and has not received any customer complaints for three years.
Those interested in joining PayJunction’s team can visit our careers page. We’re always looking for passionate and motivated individuals to contribute to PayJunction’s 16 years of customer-oriented success.
Christina Lavingia, PayJunction, http://www.payjunction.com, +1 805-562-5577, [email protected]
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