It is a typical scene nowadays: you are at the counter waiting to pay, but first, your conscious forces you to ask if they accept credit cards. If they do release the payment option, you are presented with a Mobile Credit Card Reader and asked to insert your credit card for an undisclosed amount of time until the machine rattles and asks you a bunch of questions. Eventually, it astounds you into taking your credit card out with a hostile amount of beeping. The entire process is lengthy, irritating process. So why is it so?
The short answer to this is that the current credit card chip reading system is not optimized for speed. It was explicitly designed to let the card self-authenticate and authorize specific financial transactions without the need for a dial-out or connection to a verification system.
The long answer to this is the fact that the credit card verification process usually involves many steps. For starters, when a portable credit card reader ‘reads’ the chip, it does so by connecting to the company that issued the card, i.e., the credit card company’s network. Secondly, since there is no standard form of software which directly links the card to the issuing company, retailers usually end up trying out different options with various types of success.
In other circumstances, the delay is usually caused by retailers when they decide to run two activities at the same time, i.e., processing your purchase through the credit card network while at the same time processing it through his systems with the primary aim of keeping track of the transaction.
Is there a solution to this specific challenge?
No there is none at the moment. Credit card payment systems are customarily intertwined with each other, upgrading and improving the chip readers with beeps, or harsh actions can take years which is a blow to retailers and consumers who are already fed-up with the frustrating process.
However, despite the seemingly unending problem, there is hope. Last year, many credit card companies like MasterCard and Visa launched speedier chip systems that have been designed using the latest technology. These new systems have been specially designed to efficiently detect and react to commands made and at the same time stop suspicious authorities made. However, although the chip systems have been rolled out and are already in the market, analysts recommend that it will take time before they are fully adopted.
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