There are different ways through which one can make payment at any business in this modern era. Here, we will be specifically talking about the contactless payment method. It has become one of the efficient ways to make payments in this 21st century. The good thing about contactless payment is that you can pay in just one touch. Well, you will have to wave your card over the payment terminal in order to complete the transaction. Now, when it comes to accepting contactless payment, the merchants will have to pair their businesses with contactless payment terminals. If you have not used this terminal yet, you do not have to worry. Here, we will be covering the important aspect of contactless payment terminals.
How Contactless Payment Terminals Work
It does not matter whether you are a businessman or a consumer, understanding the ecosystem of contactless payment terminals is very important. Well, this payment terminal has NFC technology. NFC or Near Field Communication technology allows devices to receive and transmit information. You will have to keep the device within a range of 4cm. It is far better than RFID or radio-frequency identification technology.
Contactless payment terminals work faster than traditional payment terminals. Here, you need to keep the credit card minimum of 4cm close to the contactless payment terminals, and the payment will be completed instantly. Days are gone when you needed to swipe the card and enter the pin. Now, you can instantly complete the transaction by just waving the credit card or debit card over the contactless payment terminals. Another good thing is that you can make payments with your smartphone as well. In that case, your device must have NFC and payment application.
Contactless payment terminals work like other payment equipment. Here, the users initiate the transactions by waving the card over the payment terminals. The merchant processor gets the credit card information through a secure gateway. Then, it forwards the information to the credit card brand and then, it goes to the bank that issued the card. However, it becomes successful when the bank approves the transaction. For this, the customer must have an adequate amount in the account.
Talking about the most popular contactless payment devices, it includes:
- Prepaid cards, credit cards, and debit cards
- Mobiles devices such as tablets and smartphones. Your device must have payment applications such as Samsung Pay, Google Pay, or Apple Pay.
- Various wearable devices such as wristbands and watches.
- Key fobs
Key Benefits Of Using Contactless Payment Terminals
There are a lot of benefits that businessmen and customers will get after stepping into the ecosystem of contactless transactions. We have highlighted some key benefits below:
- Fast Transaction: People in this technologically advanced era always give preference to faster transactions. Talking about the traditional card payment, the consumers will have to swipe the card and then, they will have to enter the pin. On the other side, if you see transactions made using contactless payment terminals, the customers will only have to wave the card and the payment will be completed. In short, contactless payment is faster than the traditional mode. As a merchant, if you have contactless payment terminals in your shop, customers will prefer your business. In the end, the cash flow will achieve the desired stability. You can also have a good customer base.
- Fully Secure: Well, contactless credit cards come up with an additional layer of security. Yes, it has a kind of built-in protection technology that ensures that the same transactions do not happen twice. Moreover, if you somehow lose your card, you can immediately block your card. Another thing is that you do not always need to carry your card to do contactless transactions. Earlier we have mentioned that smartphones having NFC support contactless payment. So, if you have a payment application installed on your device, you just need to wave the phone over the contactless payment terminals. This is how; you can do contactless payment with your smartphone.
- Completely Effortless: You can do contactless payments effortlessly. Yes, you do not have to enter the pin after waving the card. Just wave the card and the payment is done. It is fast and effortless. Well, it is also beneficial for merchants because they can serve more customers.
Not A Rapidcents Merchant?
Rapidcents is one of the leading merchant processor solutions. They offer a wide range of services such as billing and invoicing, virtual terminal, and many more. If you want to install contactless payment terminals in your business, you should visit Rapidcents. They add full value and they also offer 24×7 customer support. If you become a Rapidcents merchant, you will also receive real-time transactions reports. Apart from this, Rapidcents also provide dispute and chargeback assistance. In short, if you want to elevate your business, Rapidcents will be a good option.