Payworks, a global payment gateway and EMV technology platform for integrated POS solutions, announced today their new certification with TSYS, a leading payment processor in the US, for EMV Quick Chip.
The launch of Quick Chip brings a new approach to EMV chip card processing resulting in shorter checkout times and an improved customer experience. The transaction process is streamlined enabling customers to dip and remove their EMV chip card from the terminal within 2 seconds or less – making it as fast as a swipe. This cuts the time down from 15 seconds which shoppers usually experience with standard EMV processing. Through this new certification across all major card schemes including Visa, MasterCard, American Express and Discover, Payworks helps merchants ensure customers encounter a simple and consistent payment experience, regardless of card type.
“EMV is an important new security technology for the United States, and the EMV certification will allow Payworks to gain a competitive edge in the marketplace,” said John Badovinac, Director of Developer Partnerships for TSYS’ Merchant Services segment. “We’re proud to be working with companies like Payworks who can bring EMV solutions to our more than 200 clients, including acquiring banks, ISOs and other processors.”
Quick Chip is free-of-charge to payment processors, acquiring banks and other payment networks, and only requires a simple software update to the merchants’ card terminal or point of sale. Nearly 4 out of 5 credit card holders have an EMV chip on their card, but only about 30 percent of merchants accept EMV payment. With all major card schemes offering a Quick Chip option, the uptake on EMV payment acceptance should increase significantly.
“Merchants need to offer customers the best payment experience – a solution which is not only fast, but also secure,” said Michael Doron, Managing Director of Payworks Inc. “We’re really focused on helping –Integrated Software Vendors (ISVs), Independent Sales Organizations (ISOs) and Value-Added Resellers (VARs) of Point of Sale solutions as well as merchants understand how easy the EMV transition can be when using Payworks technology. It’s great to work with TSYS who also sees the potential in simplifying EMV payment acceptance.”