When it comes to trending words and movements, here’s one you should pay attention to because it will probably stick around: contactless payments.
First, here’s what it is: Contactless payments occur through your mobile device, or special smart cards or key fobs, which are connected to your financial institution for a secure transaction. The technology is poised to make transactions quicker, easier and safer – both financially and for your health.
As the name suggests, contactless payment doesn’t require any physical contact between the buyer’s smartphone or credit card and the point of sale.
Coronavirus, for example, has changed the way we shop and pay for purchases. With consumers and small business owners looking for solutions to new safety measures and recommendations, establishments can maintain social distancing guidelines and ease anxiety by accepting contactless payments.
5 Benefits of Contactless Payments
- Simple: They’re truly a simple transaction for the customer. They don’t require a signature or PIN. The customer simply waves their card or device near the payment terminal and voila! the purchase is automatically completed.
- Safety: Because of the lack of needing to handle a pen or touch a PIN pad, there is less chance of cross contamination from potential viruses or bacteria.
- Speed: Because of not requiring a signature or PIN entry, the transactions are faster than the traditional way of doing business. Customers are never upset when they don’t have to wait!
- Service: Not all credit card terminals are equipped for NFC or contactless payments; so, if your business is providing that extra layer of service and convenience to your customers then you have a leg up on your competition. (We’re happy to help you determine if your current solution is capable of accepting these payments. Just takes a second, give us a call (757)683-0123)
- Security: A business who puts their customer’s security first and foremost will always win. Contactless payments use chip card technology, which is far more secure than outdated magnetic stripe cards that are easy to clone.
Let us know how we can help you incorporate contactless payments in your business.