Coronavirus is changing so much about our world, including how we shop and pay for purchases. With consumers and small business owners looking for solutions, your establishment can maintain social distancing guidelines and assuage anxiety by accepting contactless payments. While not new, these types of payments are exploding in popularity, with some consumers refusing to patronize a business that doesn’t offer this service.
If you want to learn more about this in-demand solution, we’ve outlined a brief overview of the benefits of contactless payments and how you can implement them at your establishment.
How do contactless payments work?
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) that are close in range to “talk” to each other and exchange 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 waves their device or card near the payment terminal to complete their transaction.
Why should my business offer contactless payments?
The benefits of contactless payments are numerous, including:
Contactless payments don’t require a customer’s signature or PIN. They simply wave their card or device near the payment terminal and the purchase is completed automatically.
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!
Because there is 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 need to take a customer’s card for payment and hand it back.
Contactless payments use EMV chip card technology, which is far more secure than outdated magnetic stripe cards that are easy to clone.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, customers are required to enter their password in order to complete a payment with mobile wallets. 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 and every transaction, masking any personal data.
If your business offers loyalty programs, especially customer-centric ones like those available with Exatouch® and Clover® Point of Sale, it’s easy for customers to link their mobile wallets to your program. This enables them to earn and use rewards instantly, encouraging repeat business and improving customer satisfaction. Plus, you can track purchases and analyze sales data and use that information to assist with inventory management, purchasing, and tailoring your offerings to your most loyal customers.
Giving your customers options in how they pay offers them greater convenience. They’ll appreciate the choice and be more apt to return and tell their friends, neighbors, and family about your safety measures. Additionally, since not all businesses have contactless payments, they can be the differentiator that drives customers to choose your business over your competition.
Want to offer contactless payments at your business?
Reach out to Electronic Payments and see which options work best for your needs.
The Clover trademark and logo are owned by Clover Network, Inc., a First Data company. All other trademarks, service marks and trade names referenced in this material are the property of their respective owners.
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