ATLANTA – Worldpay announced that it can now offer Quick Chip, a specification enhancement from Visa, for EMV chip card payment processing in the United States.

Reducing chip card terminal transaction times to approximately three seconds, Worldpay says that Quick Chip removes the need for chip card processing to receive the final amount, authorization and post-authorization 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, which reduces the wait time and friction for cardholders.

“The transition to chip cards has not been an easy one for consumers or merchants, particularly when it comes to transaction wait time,” said Ian Van Buskirk, vice president of product management at Worldpay. “Worldpay is responding to this business and consumer feedback with Quick Chip.”

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

For existing chip card customers, Quick Chip technology requires 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.

“Fast chip transaction times benefit both merchants and consumers who want convenient checkouts as well as security,” said Stephanie Ericksen, vice president of risk and authentication products at Visa. “Worldpay’s terminals using Quick Chip technology will bring faster, convenient payments to more businesses and help consumers spend less time waiting to pay.”