EMV Contactless & Contact Payments
The security features inside credit cards have evolved significantly in recent years. The magnetic stripe feature gave way to RFID (radio frequency identification) capabilities and, eventually EMV (Europay, Mastercard, and Visa) technology. Today, EMV cards have become the industry standard because of their high levels of security. Now more than ever, it is very important to invest in an EMV-certified terminal like SpyderWash in order to avoid obsolescence.
Setomatic Systems offers SpyderWash as an all-in-one EMV payment system for laundromats that integrates directly onto your washers and dryers. This EMV contact and contactless laundry payment—also called tap-and-go and chip insert—provides your customers with a safer, more convenient alternative to magstripe cards while allowing you to manage transactions and avoid all chargebacks.
What are EMV Contactless & Contact Transactions?
EMV security enables the card to generate a unique transaction code, allowing the terminal to authenticate the card. This code is not reusable for future transactions. Your bank must validate the code electronically to complete the transaction.
SpyderWash can accommodate both contactless and contact EMV transactions.
- Contactless payments: Contactless payments require an EMV card with a contactless-enabled terminal. In contactless transactions, the card and terminal connect wirelessly and offer greater speed than traditional magstripe transactions as well as superior security.
- Contact payments: Contact payments require physical contact between the card and the terminal. During these transactions, the user inserts or dips the side of the card with the “chip” into the terminal for several seconds until the transaction is complete.
Advantages of EMV Payments
Banks worldwide use EMV technology in almost all their newly issued cards. EMV transactions have become standard across all retail industries, including self-serve applications like laundromats, vending machines, gas pumps, and car washes.
Some of the advantages you’ll experience when implementing SpyderWash EMV technology into your laundry payment systems include the following:
- EMV transactions offer more security for all parties involved, including the customer, the vendor, and the bank.
- EMV transactions mean no more chargebacks for store owners.
- EMV transactions are how your customers pay at every other retail shop.
- EMV terminals help your laundromat avoid payment system obsolescence, as the magstripe will continue to be phased out on credit/debit cards.
- EMV cards support contact, contactless, and mobile transaction types.
- EMV is the global standard, allowing customers to utilize their cards worldwide seamlessly.
- EMV offers a unique advantage over competitors because consumers with these cards typically prefer vendors that accommodate EMV payments.
“…I have been pleasantly surprised at the gravitation toward the new EMV card readers. It is like people are attracted to the LED glow on the new readers where the EMV chip insert is.”
Visa, Mastercard, and Discover now require EMV certification for all card readers that want to accept contactless payment, so vendors without EMV certification will no longer be able to accept contactless or mobile wallet payments. As such, the card companies will be automatically declining a transaction when a user taps an EMV card on a non-certified device.