You have probably become accustomed to scribbling out a hasty signature whenever making a purchase using a credit card machine. That’s because, in the United States, that is still the most prevalent authentication method for customers, but that fact is changing quickly. Credit card machines are evolving to implement new authentication methods that offer better protection for everyone involved, and if you want your business to stay relevant then you need to keep reading.
What’s Wrong With The Old Method?
Using signatures for authentication offers almost no security for customers. The signatures provided are almost never checked and even if they were, it would be difficult to prove them as fraudulent. In fact, signature authentication primarily serves to protect merchants from liability. Customers deserve an authentication method that provides some real defense against fraud.
What’s Coming Next?
Most experts expect that customer authentication will soon be done using a system that combines three separate methods. First, customers will be required to input passwords or PIN codes to validate transactions. Second, customers will need to present some personal device such as a phone or smart watch whenever using credit cards. Finally, and perhaps most excitingly, credit card machines are likely to soon implement bio-metric scans requiring customers to undergo a finger or iris scan. By combining these three authentication methods, customers will be able to enjoy peace of mind knowing that they have a strong line of defense against fraud.
So, what does this mean for your business? It means that you need a merchant services provider who adapts to current trends and prioritizes the well-being of both your business and your customers. You need WOW Payments. We grant free processing, the best technology and amazing customer service. Try us now and find out why we’re the best credit card processing company.