The way people make payments has changed significantly from paying in cash to using debit cards and then contactless cards that come with advanced fingerprint sensors. So, whether you’re running a hotel, a retail store, or a brand outlet, accepting payments via these contactless payment cards is a smart choice to attract more customers to your business. This is one of the smartest ways to make your guests and customers feel as safe as possible. One simple step of accepting payments through contactless cards can help promote health and safety while adding another layer of safety to the payment process. So if you are also planning to start accepting payments through contactless payment cards, here are a few things to know.
What Is Contactless Cards Payment?
Before anything, it is important to understand the payment system and how it works. While we all know that payments through credit and debit cards have been commonly make for years. With the changes in technology, the same cards now come with an additional layer of security – biometric authentication. This allows customers to make payments with a single tap, without even entering the PIN for payment processing. The payment is authorize with the fingerprint of the user. Now that we know the basics of this payment processing technology, let’s dig into the important things you should know about the contactless payment or smart card payment system.
The world is using contactless payments
If you are running a business and still not accepting payments through debit or credit cards, chances are you are losing a lot of business. With modern people getting tech-savvy and looking for ways to save time on almost every activity they do, the popularity of contactless payment cards is growing. As per the data, the number of contactless card users has skyrocketed with a growth of 150% around the world in the U.S. from March 2019 to March 2020. The reason here is that most consumers believe using a smart card payment system is a cleaner and safer way to pay.
It is a secure way to pay
Regardless of how many times people claim that using contactless payment cards is not so secure, the fact is that this is one of the most secure methods of paying for purchases. Touchless isn’t just call touchless because you don’t touch the POS system. But it is because the payment authentication will be done through the fingerprint sensor inside the card. This means only the authorized person can make the payments. Apart from this, these payment cards are back with the world’s most sophisticate and cryptographic security. Thanks to this high level of protection, it becomes easier for cardholders to ensure that the contactless card never gets charge unintentionally as the payment needs to be authorize using the fingerprints of the owner.
It is a faster way to pay
As we already mentioned that the world is moving towards faster ways to do things, many people are now opting for making payments with the help of smart card payment systems as there is no need to provide a PIN number to authenticate payments. One just needs to tap the card on a POS system and payment will be done with the help of a fingerprint sensor that is integrate into the card and will be use to authenticate payments. Apart from this, since there is no need to input a PIN number, you don’t touch the POS system, which means there are least chances of transmission of bacteria from one person to another. By streamlining transactions, a business can help turn over more tables or move counter lines faster, increasing the overall revenue.
Encourage customers to spend more
It is simple when they pick fewer items from the shelf, they will have to spend less time at the cash counter as the bill will be paid faster. This same rule also applies to other businesses like hotels and it can help increase your restaurant sales significantly. According to s study conduct by Mastercard, it was found that consumers who use touchless credit cards spend 30% more than those who use swipe cards. So we can say that people feel that this is a more convenient technology, allowing them to pay faster and without the hassle involved. At the same time, people also feel it is easier to make small payments without making others wait in the queue.
It is very easy to implement technology
Contrary to the belief that a contactless payment facility is a relatively new technology and hence the additional cost of equipment will be require to start accepting payments, it is simply not a fact. The payments via contactless payment card can be accept with your old POS system as well. If it has the feature to read the chip, then it can accept payments using smart cards too. One piece of hardware – that’s it! There is no need to deal with payment processing partners or a bank to start accepting payments. Integrating your payment processor and POS software is the only thing you will need. So when you want to start accepting payments through smart cards having fingerprint sensors, look for a POS solution that allows you to choose from multiple payment processors.
With the world going digital and modern consumers appreciating the efforts made by businesses to make their lives easier, the popularity of contactless payment cards is growing across the world. The best part about this smart card payment system is that this is a relatively new technology that is aim to help make payments faster while ensuring the safety of cardholders. The financial details or biometrics of the cardholder are neither share with the bank nor the POS system. It remains safe with the cardholder, making it the safest choice to make payments in this highly technical and advanced world. So if you are running a modern business, start accepting payments with this advanced method.