TOP 5 CONTACTLESS PAYMENT ADVANTAGES THAT EVERY BUSINESS OWNER NEEDS TO KNOW.
In this article, we will take a look at the top 5 advantages that the contactless payment technology that both the consumer and business owners should be aware of. We can’t deny the impact that COVID-19 has caused upon many business owners and consumers worldwide. Contactless payment is becoming more popular among consumers, especially today where social distancing is a part of life. That being said we now have access to multiple methods of contactless payments that have subtly simplified our lives.
Top 5 Advantages
- Convenience and speed: Contactless payment cards are probably the most popular method of paying because it offers faster and more convenient card processing which is the topmost requirement for people in a hurry to reach their destination. This is also useful when making payments at convenience stores and café’s where the purchases may be of a significantly lower value and both retailers and consumers would prefer the payment process to be quick and on the go.
- Variety of devices: There are a variety of ways in which contactless payments can be made. In technical terms, tap-to-go payments use a technology called Near-Field-Communication or NFC. NFC chip technology can be incorporated into any number of devices allowing them to make payments, for example, contactless payment technology has led to the development of mobile payment systems and digital wallets. This chip technology enables card readers to read information from a customer’s credit/debit card or enabled device.
- Security features: Contactless payments provide a level of protection that traditional magnetic stripe cards can’t achieve. EMV standards paved the way for contactless credit and debit cards that gradually replaced the older magnetic stripe cards and it’s considered to be more secure since it uses cryptography to protect transaction data and it is difficult to read the data available on the chip. That being said with contactless payments, the card never leaves the customer. Which it is almost impossible to steal the card or the data on the card as long as the customer is careful with it. Contactless payments are PCI compliant which is a great benefit for businesses.
- Safety: Hygiene is important, especially in pandemic situations. Retailers don’t typically sanitize card terminals between customer usage, which can result in germs being transferred from one person to the next as they engage with the payment hardware. Customers never touch the terminal or PIN pad with contactless payments. Instead, the only contact they will have is with their card or mobile phone, which will then isolate any germs and decrease the likelihood of spreading them to the next customer.
- No additional fees: Merchants who accept and implement contactless payments are not required to pay any additional fees to card companies. They are only required to install suitable card readers that allow you to accept contactless payments.
The world of payments is advancing quickly that being said preparation is critical. The convenience and speed offered, contactless payments seem to be the norm for both current and future payment systems that being said, more and more businesses have started accepting contactless payments. Therefore now is the time to consider implementing contactless payment in your business if you have not done so as of yet. ABPAY offers you those very important options which will give you the benefit of keeping you in business.