Tag Archives: EMV

Not Just Netflix, All Of Us Will Be Impacted By Credit Card Insertion — Adding 30(+) Sec. Per Transaction.

creditcardemvAnura Guruge December 2014 thumbnail
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by Anura Guruge


Related posts:
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Credit card chip enforcement (EMV).

++++ Search on ‘credit card’ for other posts >>>>


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Click to ENLARGE and read here. Here is the link to the original: http://goo.gl/jaPxXs


Now that credit card chip enforcement (EMV) — i.e., insert vs. swipe — is in use have you noticed that it is taking 30 to 40 seconds LONGER for each transaction to be authorized. At least that has been my experience at Walmart — one of the FEW retailers, around here, that have moved to ‘insert’. Maybe that is just teething troubles during this first month. But then again it could be that the additional processing, which why we have a chip on the card in the first place, will always take longer — though possibly, with luck, not 30 to 40 seconds longer.

Unless we are travelling I don’t do too many credit card transactions a day (compared to others that work in a city or go shopping at Malls on a regular basis). But let’s say we, on average, do 4 credit card transactions a day. The extra 30 seconds would then translate to 2 minutes a day of WASTED time where we are hanging around, in front of a credit card machine, waiting to complete our transactions. That is a pretty amount of time — in my book. But let’s work this out. 2 minutes a day is 14 minutes a week. Now you have to admit that that is starting to get your attention.

1 WHOLE HOUR A Month!

1 whole hour.

That is 1/2 a Day each year.

A full day every 2 years.

Get the drift. This is NOT good. As some of you know I have a phobia about wasted time. Time is my greatest and most valuable possession. I really resent my time being wasted.

So a BIG heads up.

Check this INFOGRAPHIC about how much time we already spend inline — just on vacation. Credit card insertion will ADD to that!

Click to ENLARGE and read here.
This is the link for the original from the U.K. “Daily Mail”.

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Netflix balming credit card insertions for their DROP in U.S. revenues AMUSED ME — and I am a NFLX shareholder (and I own more than a couple).

Read between the lines.

This is what I think they are saying. There was a LOT of fraudulent credit card transactions on Netflix!

The chip-based cards are weeding out some of this FRAUD. That I think is the real cause.

 


Credit Card Chip Enforcement (EMV) Kicks In October 1, 2015. Is New Hampshire Ready For ‘INSERT Please’?

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Click to access ‘Market Watch’ post.

Anura Guruge December 2014 thumbnail
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by Anura Guruge


Related posts:

++++ Search on ‘credit card’ for other posts >>>>


I had read about this months ago and had done some quick Googling to find out what it was all out.

In a nutshell, starting tomorrow, October 1, 2015, UNLESS you pay by credit card by INSERTING the card, so the embedded chip can be read, the credit card company will REFUSE to compensate the MERCHANT IF the transaction proves to be fraudulent. This is ANOTHER attempt to cut back on credit card fraud — which is a HUGE, billion dollar, if not trillion dollar, problem. The chip in the card, unlike the magnetic stripe, is HARDER to ‘crack’ — both in terms of making counterfeits or changing the information.

creditcardemvBut note. We as consumer are still protected SINCE we can’t determine what technology the merchants use. So the credit card companies will still protect credit card users.

The penalty and liability is on the MERCHANT.

So, how many times have YOU INSERTED your card in — recently, in New Hampshire.

I have done it a FEW times. Walmart uses it. Haven’t seen Supermarkets do so yet. Actually swiped my card this weekend. Wow. Don’t even think the New Hampshire Liquor Stores were using INSERT.

But all this changes tomorrow.

IF you are NOT INSERTING after tomorrow QUESTION the merchant. I have. At places like supermarkets, those working the register, have no idea. And I don’t blame them. Not their job.

But a HEADS UP.