7 Ways Contactless Payments Can Help Your Business

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7 WAYS CONTACTLESS PAYMENTS CAN HELP YOUR BUSINESS

The pandemic has changed so much about our world, including how we shop and pay for our purchases. Due in no small part to ongoing health and safety concerns, contactless payments have exploded in popularity over the past couple of years—with some customers even refusing to patronize a business that doesn’t offer touchless transactions. If your establishment is interested in adopting this in-demand technology, read the article below. You’ll learn what contactless payments are, how they work, and 7 key ways they can help your business.

WHAT IS A CONTACTLESS PAYMENT AND HOW DOES IT WORK?

A contactless payment is one that doesn’t require physical contact between a customer’s method of payment and a merchant’s payment device. Unlike swiping or dipping a card and punching in a PIN number, contactless payments rely on a technology called near field communication (NFC). This wireless communication system enables two electronic devices (generally a payment terminal and a mobile device or chip card) that are in close proximity to "talk" to each other, exchanging data securely via an encrypted signal.

Contactless payments are typically made with either an NFC-enabled credit card, wearable devices like smart watches, or a mobile wallet such as Apple Pay™, Google Pay™, or Samsung Pay™ on a customer’s cellular phone. In all cases, the customer holds their device or card near the payment terminal to complete their transaction.

WHY SHOULD MY BUSINESS OFFER CONTACTLESS PAYMENTS?

Simplicity: Contactless payments don’t require a customer’s signature or PIN. They simply hold their card or device near the payment terminal and the purchase is completed automatically.
Speed: Keep your lines and your customers moving with a no-contact way to pay. Shorter lines mean happier customers and less attrition from those who give up making a purchase when they see a long wait at the register. It’s a win-win!
Spend: Because contactless payments are fast and easy, customers may be more apt to make small, spontaneous purchases if they can pay with a quick wave of their device. Be sure to have items that are easy to buy on impulse readily available around your store and at your POS station. These additional sales add up over time to boost your profits.
Safety: Because there’s no need for a customer to handle a pen nor press the keys on a PIN pad, the chance of cross-contamination from potential viruses or bacteria is greatly minimized. It’s also safer for your staff because they no longer have to take a customer’s card for payment and hand it back. It’s truly a touch-free transaction.
Security: Contactless payments use EMV chip card technology, which is far more secure than outdated magnetic stripe cards that are easy to clone. Adding another layer of security, a customer is required to enter their password to complete a payment using their mobile wallet. What’s more, cardholder information is tokenized with NFC payments, ensuring it can’t be obtained and used for fraudulent purposes. Tokens work by replacing sensitive payment information, like a 16-digit credit card number, with a unique identifier for each transaction, masking any personal data.