EMV and Pay-At-The-Table: A Path to Speedy and Secure TransactionsFebruary 08, 2018
Swipe or Chip? It’s a question that American consumers have become very familiar with over the last few years, and they are discovering more often than not, that “chip” is the answer.
Credit card payment is changing on a global scale
In order to enhance security, credit card companies have integrated chips that make it harder for hackers to steal data or make fraudulent purchases. This EMV (Europay, MasterCard and Visa) technology, which creates a unique, one-time use code with each transaction, has been widely available in Europe for some time. Globally, 58.9% of credit card transactions are EMV, and in the US, it is forecasted that point-of-sale adoption of EMV should reach 94% by the end of 2018. Like their European counterparts, American consumers will soon grow accustomed to inserting their chip-enabled cards, making the swipe a thing of the past.
The effects of adoption
Due to the proliferation of the EMV-standard within the US, counterfeit fraud rates have decreased significantly. In March 2017, chip-enabled merchants saw a 58% drop in counterfeit fraud activity year over year, according to Visa. Merchants that opt not to comply with the new standard open themselves to fraud liability. While many retailers have already integrated EMV technology into their processes, the rate of adoption has been slower in the restaurant and hospitality industry, as many operators in the space believe the cost of deploying the new technology and the potential for disrupting the dining experience with an obtrusive tablet is greater than the impact of chargebacks to their bottom line.
RAIL makes it easy
Restaurants and hospitality locations that have not yet made the transition to the EMV-standard now have the opportunity to integrate a secure and complementary pay-at-the-table platform into their establishments. TableSafe’s RAIL payment platform allows the guest to pay their bill faster, thereby improving their overall dining experience. By putting the guest in control, they can drive the entire payment process, and can even split the check without ever surrendering their credit card.
The RAIL not only increases customer satisfaction, it optimizes the restaurants overall hospitality. Servers are free to focus on their service. The RAIL also saves considerable time closing out shifts and reconciling receipts. Managers save valuable time in validating gratuities. Restaurants report revenue lift and faster table turns when putting the payment process into the hands of the customers.
The EMV-enabled RAIL pay-at-the-table solution was specifically designed for the full-service restaurant and hospitality market. The RAIL features an easy-to-use interface that allows guests to close out checks at the table for an overall more pleasurable dining experience, while simultaneously keeping their data secure. To discover more about this service optimizing technology, visit https://www.tablesafe.com/the-rail!