Local businesses provide desirable products and services that generally require a point-of-sale payment. Modern technology enables a shopper to securely pay for her items without entering a personal identification number (PIN). Valued Merchant Services shares valuable insight about contactless payments for small business owners.
What Are Contactless Payments?
Savvy criminals are constantly trying to outsmart the highest forms of encryption that merchant processors use to securely transmit credit card data.
Although, as technology evolves, credit card processing equipment becomes more sophisticated.
The aim is generally directed toward safeguarding a cardholder’s personal and financial information, while also protecting merchants from fraud and unauthorized transactions that could result in substantial monetary losses.
Whenever a debit card or a credit card is swiped through an electronic card reader, a user’s data might be accessible via the magnetic strip.
A chip-based payment that is dipped into an EMV card reader will not store any of a user’s data on the chip, whereas, certain phishing schemes may be able to skim data from a card-reading device.
However, contactless payments for small business purchases are initiated when shoppers tap credit cards or debit cards against electronic card readers. Contactless payments may also be made by waiving a user’s card within close proximity of an electronic card reader.
Cardholders may be delighted to know that contactless payments are secure. Credit card issuers protect cardholders against fraudulent transactions and unauthorized use that occurs via contactless payments.
Benefits of Contactless Payments for Retail Stores
At the height of the Covid-19 pandemic, consumers were very reluctant to handle coins, paper bills and other items with merchants or other shoppers.
Since the pandemic began, few people want to touch electronic card readers at the checkout counter. Although, physical contact is necessary for users who are prompted to enter their PIN to finalize a transaction.
To maintain a cleaner checkout area, many store owners encourage cashiers and front-end employees to consistently wipe card payment devices, PIN pads, terminals, register platforms, conveyor belts and checkout dividers.
Contactless payments are made instantaneously by cardholders without the need to dip or swipe credit cards and debit cards.
Faster checkout rates will reduce the amount of time that customers stand in line. Speedy transactions are a major benefit of touchless payment methods.
Smartphones and smartwatches may also be used by cardholders to facilitate contactless payments for business customers with Google Pay or Apple Pay capabilities.
When consumers can effortlessly perform contactless payments for small business purchases, it could relieve some of the shopping fears that are associated with touching items in public places.
Retail store owners who answer the call to provide safer and more pleasurable shopping experiences for consumers might be rewarded with repeat business.
Retailers can speak with a merchant services company about setting up contactless payments for small businesses.
Merchant Services Offering Contactless Payments for Small Business
A business that is unable to perform touchless payments may lose some sales to competitors nearby.
Recent research from the National Retail Federation and Forrester indicates a 69 percent increase in no-touch payments.
Many store owners expect the demand for contactless payments to continue.
Valued Merchant Services offers electronic devices to securely accept contactless payments.
Store owners may speak with one of our merchant account representatives about reliable checkout equipment that securely routes a customer’s credit card payment or a debit card payment into a business checking account.
We offer a variety of card-reading devices, checkout systems and PCI compliant software that streamlines a variety of managerial tasks.
Our team provides nationwide support for small businesses.
Contact Valued Merchant Services today to inquire about low-cost credit card processing services.
