Major credit card companies are phasing out hand signatures in favor of more efficient technologies
âCheck, pleaseâ just got a whole lot easier.
As of this month, major credit card companies are allowing restaurants and other merchants to opt out of collecting signatures on their transactions.
Visa, Mastercard, American Express, and Discover all made announcements in the past few months regarding the shift, citing reasons including quicker checkout time and increased fraud protection, thanks to EMV chips and other security technology.
According to , fraud dropped nearly 70 percent in the first two years of EMV chip technology. Credit card companies are also investing in additional methods for identity and purchase protection, like tokenization, which protects account numbers and other private details during online purchases.
While restaurants can still choose to collect signed receipts, some may expedite the payment process with updated point-of-sale systems that allow diners to leave tips via an iPad, or by including automatic gratuity.
The result? Customers can slice minutes off of their restaurant experience and get out the door more quickly.