Keeping up with new payment technologies can be a challenge for small business merchants. It may seem like your merchant services account needs are always changing. But as new payment methods become available, it is important to stay informed so you can be prepared to accept these new payment types and provide benefits to your business and your customers.
One new payment technology that is increasingly in demand is contactless payments. This allows consumers to use a credit card, debit card or smart card to make a payment without actually swiping or inserting the card into a payment terminal. The customer would simply tap or touch the contactless reader with their payment instrument to make the transaction. The contactless reader then scans the payment information using radio frequency identification (RFID) technology.
This technology is now being used to enable the newest forms of payment acceptance – smart cards and mobile wallets. To learn more, read our white paper Contactless Payments – Where We’ve Been and Where We’re Going.
Contactless payments operate with the same payment structure used to transmit traditional debit and credit card payments. However, the contactless payment has improved security features. Each contactless card contains a ‘key’ that generates a unique verification value for each transaction, which cannot be reused. In addition, not all cardholder details are transmitted in the payment transaction, giving an additional level of security. These features could also protect you from having to deal with frustrating chargebacks.
For any small business, adopting a new technology can be frustrating and expensive. Fortunately, with our Future Proof Payment Terminal , you will be ready to accept new contactless cards while still providing traditional credit card processing. This gives you a cost- effective way to adopt new technology, while maintaining your ability to accept credit cards and manual payments. With our all-in-one solution, customers will experience fast, excellent service at your business, regardless of how they choose to pay.