Non-cash payments are on the rise and we become part of the ever-growing tap and go society. By opting to accept Visa and Mastercard contactless payments, you’re helping your customers experience seamless card processing with a faster method to pay.
Contactless payment systems can include credit cards, debit cards, key fobs, smartcards and other devices that use radio-frequency identification (RFID) or near field communication (NFC, e.g. Samsung Pay, Apple Pay, Android Pay, Fitbit Pay). There is an embedded antenna and chip which enable customers to wave their card, handheld device or fob over a card machine at the point of sale (POS).
Many suppliers claim that tap and go transactions can be twice as fast compared to the conventional cash, debit or credit card purchases because no signature or PIN verification is required if the purchase is below £30 for contactless cards, or below the retailer limit for Apple/Samsung/Android Pay. However, the lack of authentication for contactless cards can provide a window where fraudulent purchases can be made.
What some people don’t realise is contactless tap and go transactions are still safe and highly secure. Contactless payments have the same protection as the conventional chip and PIN payments, making them safer than cash payments.
All payment devices and contactless cards have a number of security features and are embedded with added layers of security to help protect you against fraud. There is also a payment limit on single transactions, and from time to time customers are occasionally asked to enter their PIN to verify a transaction.
What do the experts say?
Contactless tap and go makes payments easier for your customers. Contactless has been designed for convenience, as customers simply have to tap their card or device on your card machine to make a payment. The payment verification process takes seconds and you receive payment confirmation at twice the speed of the usual chip and PIN method.
Contactless payments also have a number of benefits for you as the retailer as well:
• Quicker transactions mean increased turnover
- Faster and more secure than cash
- Quick during peak times
- PIN isn’t required if under the floor limit
- No need to print, sign or handle paper copies of receipts
• Limits cash displacement
- Reduces cost of cash handling
- Reduces circulation of fake cash
• Reduces operational costs
- Less wear and tear on your machine as the card isn’t making contact with the terminal
- Paper receipts aren’t required unless requested by the customer