Benefits Of Accepting
You probably don’t give much thought to your business’s credit card terminals – but maybe you should. Millions of consumers are now equipped with contactless-enables debit cards, credit card and other contactless payment devices, and adoption is likely to grow rapidly with the emergence of mobile phone-based NFC (near-field communication) payments.
A retailer outfitted with contactless readers at the point of sale, customers simply wave or tap their card or other payment device to pay for their purchases. The benefits to both consumers and retailers are significant.
Convenience and Ease of Use – Instead of swiping a card, customers simply wave their card in the proximity of the reader.
Safety and Security – Contactless payments are processed through the same networks as other transactions. The chip technology utilized by contactless payments provides protection through encryption and dynamic data technologies, and can actually be safer and more secure than other forms of payments. Additional, there is less chance that the card will be lost or forgotten during the course of the transactions, since it never leaves the customer’s hand.
Flexibility of Alternate Form Factors – Contactless payment technology doesn’t have to be delivered on conventional plastic cards. Contactless technology is increasingly available to consumers in other forms, such as mini-cards, stickers, key fobs and even mobile wallets that turn contactless-enables phones into payment devices – reducing the need to carry a physical wallet at all.
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Operational Efficiency – Industry research has shown that contactless transactions are faster than both cash and conventional card transactions – averaging 12.5 seconds, compared to 26.7 seconds for conventional card transactions and 33.7 seconds for cash transactions. This reduced transaction time can result in shorter lines. Increased revenue and better customer satisfactions. Because of less time processing a payment at each point-of-sale, fewer personnel may be needed during peak times.
Competitive Differentiation – Retailers that accept contactless payments are especially well-positioned to benefit from the emergence of mobile phone-based payments, which are predicted to be an especially popular payment choice among young and affluent consumers.
Technology Integration Opportunities – The ability to accept mobile phone-based contactless payments opens up a multitude of marketing opportunities by improving integration with existing loyalty programs, as well as enhancing the opportunity to utilize personalized mobile couponing and location-based marketing to target consumers inside or nearby a retail location.
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