14478431_1218210611535391_2766835842096824320_n.jpgYes, we’ve seen them all. The memes mocking the speed, or lack thereof, of EMV transactions. That being said, the joke’s over! It was fun while it lasted, but we have good news for all of you accepting chip cards out there.

We’ve cut down the time it takes for chip card payments to process on PayAnywhere! Now when you dip a Visa or Mastercard chip card into a PayAnywhere 3-in-1 Credit Card Reader, you can expect to remove your card in 4 seconds! This is due to a software upgrade from credit card companies being referred to as “quick chip.” Discover and American Express should be following suit, shortly.

The new, much quicker, process goes as follows:
  • Insert chip card into the reader.
  • If tips are enabled, select a tip amount.
  • The device will prompt you to remove the card (in 4 seconds!).
  • Transaction will indicate when it is approved.

A couple questions that have arisen with the introduction of this quick chip software upgrade are, “do I need to request a new credit card,” and “does this affect the security of chip card transactions in any way?” No, you will not have to get a new credit card reader as this is just software upgrade that the chip recognizes, and the speedier process does not affect the security of these transactions.

Another thing to note in order to start processing EMV transactions quicker is that you will need to update the firmware on your card reader. To do this:

  • Plug in your reader.
  • A message will appear asking you to upgrade your firmware.
  • Tap “Ok.”
  • On the Settings/Update Firmware screen, select “Update Firmware.”

This update can take up to 20 minutes, so please plan accordingly.

Don’t have PayAnywhere’s 3-in-1 Credit Card Reader yet? What are you waiting for?! You can find it in Apple and Best Buy stores today. We’re even giving you $5,000 free in Apple Pay and other contactless transactions when you purchase it. It’s a no brainer for your business.