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Worldpay offers Quick Chip technology for chip care payment processing in US

Wednesday 3 May 2017 | 11:06 AM CET

Worldpay has announced that it can offer a new solution for chip card payment processing, Quick Chip technology, the first payment processor to offer the technology in the US.

Quick Chip technology reduces chip card terminal transaction times to approximately three seconds. Quick Chip removes the need for chip card processing to receive the final amount, authorisation and post-authorisation while the chip card remains in terminal.

Instead, once the card has been removed, Quick Chip uses the issuer’s online response to determine whether the transaction is approved or declined – reducing wait time and friction for cardholders. Even with these dependencies eliminated, the solution provides security to any acceptance point including multilane retail, quick service restaurants, convenience merchants and more.

As the first payment processor to offer Quick Chip on terminals for retail, restaurant, and fleet processing, Worldpay can implement the solution for existing merchant customers and manage the implementation process for new customers.

For existing chip card customers, implementing the Quick Chip technology requires only a free software download. No changes to standard chip card processing, the payment network or Worldpay certifications are required, and there is no impact to the routing process for the merchant bank, network or card issuer. Worldpay plans to convert its existing customer base to Quick Chip technology within the year.

For new customers, Worldpay can facilitate the migration to chip cards more quickly, easily and affordably than a third-party service provider, as the certification process can be managed directly between Worldpay and the participating business. For these businesses, Worldpay will provide a terminal with pre-loaded Quick Chip software.

For more information about Worldpay, please check out a detailed profile of this company in our dedicated, industry-specific online payments company database.

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