Kevin Hodes, CEO of Credit Card Processing Company Swypit, Discusses the New Chip Credit Cards and Answers Why They Take So Long to Process
Frisco, TX – October 10, 2017 – Kevin Hodes, CEO of Swypit has published a new article entitled “Chip Credit Cards (EMV Cards) – WHY???!!! (And why do they take so long to process?!)” In the article, Hodes gives the basics of the new chip – or EMV – cards and shares why the processing with these cards takes so much longer than with traditional credit cards.
The new chip credit cards (formally called “EMV” cards, which stands for Europay Mastercard Visa) have been around for right at two years. Thus, many credit card companies are just now incorporating the chips into the credit cards they provide to customers.
Hodes begins his article by answering why and how the EMV chip card came to be the new standard in credit card processing. He explains, “The EMV chip card is a “safer” alternative than traditional credit cards. The chip technology makes it significantly more difficult for counterfeit cards to be created.”
It seems from Hodes’ article that the main advantage to these cards is they eliminate the need for the magnetic information strip. It is this strip that stores data on traditional cards and since it is magnetic, this data can be picked up by criminals through skimmers hidden on public terminals or even via the air. While many current EMVcards still have the magnetic strip for now, it’s not required for processing. It is still there merely because not all vendors have machines equipped for chip reading, authentication, and transfer.
As Hodes elaborates, “The EMV card is processed by machines in a completely different manner—eliminating the need for the magnetic strip. Whereas the strip was required for data storage on traditional cards processed by being swiped through machines, chip cards can be “dipped” into a terminal When the card is dipped into the merchant’s machine, data is transferred between the merchant and the issuing bank or institution. That single transaction is then verified to create a unique data file for that point in time.”
Answering why these new cards take so long to process, Hodes explains that this can be attributed to the very thing that makes these cards safer for consumer data protection – the real-time data transfer that occurs through the chip.
Hodes closes by explaining that even though we are two years in to this chip card introduction, we are still a bit away from 100% adoption. However, we should see this become the standard for all cards and terminals in the next few years.
You can read the entire article here: https://www.swypit.com/chip-credit-cards-emv-cards-why-and-why-do-they-take-so-long-to-process/
About Kevin Hodes:
For nearly two decades, Kevin Hodes’ company Swypit has taken pride in bringing honesty and integrity to the world of credit card processing.
Swypit aims to be more than just another service. Their goal is to become a trusted partner, helping to positively impact the merchant’s bottom line. In an industry rife with providers more focused on selling or leasing equipment than building relationships, Swypit is different. They ensure customers always know that they are more than just a number.
Swypit provides world-class service as well as some of the most competitive rates in the industry. How much do their terminals cost? Nothing! The company provides merchants with credit card terminals, discounted point-of-sale and even cash advances to customers they choose to partner with… no catch.
Owner Kevin Hodes is a two-time best-selling author and the Executive Producer of, “Maximum Achievement, The Brian Tracy Story.” His expertise in the credit card processing industry is frequently sought out from all over the country and has been on NBC, ABC, CBS & FOX. Staying active in the community and giving back is important to Mr. Hodes – he is an avid supporter of helping families of fallen soldiers with The American Fallen Soldier Project.
You may obtain further information about Frisco, Texas-based Swypit by visiting the website: www.swypit.com or by calling: 1-877-379-9748.