Fraud is one of the scariest incidents that a consumer or a business owner has to deal with. The business world is moving towards modernization. This is why even with payment processes, things are getting a lot faster and easier. Even though cash payments are still accepted, more people prefer to use cashless methods. When it comes to cashless payments, cards are often used.
Whether it’s a credit, debit, prepare, or smartcard, it is the most convenient way to make payments. Businesses also benefit from the card payment machine because of the speed of transactions and how safe and secure it is for them and their customers. The most popular these days is the contactless payment method. Let’s go ahead and see what this is all about.
All about Contactless Payments
Contactless payment is one of the most secure methods for customers to pay for products and services. This is sometimes called ‘tap-and-go’ by retailers and banks. They can use a credit, debit, or a smartcard. A good example of this is transit cards, Android Pay, Google Wallet, and Apple Pay.
To process a contactless payment, all the customer needs is to tap their card near the point-of-sale (POS) terminal powered by the contactless payment technology. This method of payment does not require a signature or for them to enter their PIN. This is why transactions using contactless payments is limited. The bank and the country where the customer is from will be the one to determine the allowable amount.
How Does Contactless Payment Work?
When the customer is ready to make a payment, he or she just needs to look for the merchant’s contactless payment terminal. This symbol looks like a WiFi logo but it is turned upside down. Just tap the card two to three inches from the symbol. Once the system accepts the tap request, it will beep with a green light or a checkmark. Once approved, the transaction is complete.
Why Is Contactless Payment So Popular?
Since the early 90s, contactless payment was already offered by different retailers. But during this time, only a handful of merchants have access to this modern payment method. Today, this is considered to be one of the most popular payment options worldwide. To prevent fraud, some merchants set a limit for this tap system. But some systems allow consumers to use contactless payments for larger amount transactions as long as the signature is provided.
One of the major advantages if you consider contactless payments is that, the process is fast since there’s no more need to enter the PIN. Just tap the card and go. This way, business, and customers can save the time spent on checkout counters. Another reason why businesses offer contactless payments is that consumers tend to use their cards frequently and they also spend more.
Why Offer Contactless Payment?
Are you ready to offer contactless payments to your customers? You should, because the more customers you transact with, the better it is for your business. Modernization is part of the flow, even in the business world. Contactless payment is very secure no matter what card the customer uses. Whether it’s from all major credit cards, a debit card, or your smartcard. So what are you waiting for? If you want fast and hassle-free transactions with your customers, consider using contactless payment.