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CONTACTLESS PAYMENTS MERCHANT ACCOUNTS
These day’s customers not only dislike
carrying cash in their pockets to make
their purchases but also dislike handing
over their credit cards due to the high
risk of “credit card fraud”. Is there an
alternative?
The alternative solution for the problem
is “Contactless Payments”.
This is the latest technology in
electronic payment methods; contactless
payments do not require the consumer to
give their card. The entire transaction
finishes electronically, where the
credit card never has to leave the
owners hand. It is a lot more secure,
easier and faster.
Large ticket transaction merchants
should set up this account immediately.
The reason for this is that, the
“Contactless Payments Merchant Account”
is more beneficial to the merchants than
the customers. This article explains
how.
What is this Contactless Payment?
The “Contactless Payments Merchant
Account” is the 3rd
Generation of e – payments, the first
being the credit card made of plastic
and second, a card with a magnetic
stripe. Merchants who have the
“Contactless Payment Merchant Accounts”
allow their customers to make payments
through credit cards for their purchases
without giving the card to the retailer.
To transact with the “Contactless
Payment Merchant Accounts”, one of these
methods are used:
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Retailer fobs/cards
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Contactless readers
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Payment over the air s/w or Back end
processing
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NFC enabled software to pay through
cell phones
The Customers like It!
According to experts, over eight five
percent of the people don’t like to
carry cash and most of them carry a
little money amounting to twenty
dollars. They are very comfortable with
the credit card; however they are
worried about credit card fraud when
they hand over their credit card. The
research also reported that over ninety
percent of the users will feel secure
and safe if they could make their
payments without parting with their
credit card.
And it also provides the additional
advantage of convenience, speed and use.
The statistics show that people who have
made purchases of $25 or less are not
willing to wait in the line for more
than 5 mins and people who have
purchased over $25 will not wait more
than 2 mins.
Therefore, with the “Contactless Payment
Merchant Account” is takes only half the
time compared to the conventional
transaction. Therefore, this account
will give you the dual advantage of
providing a sense of safety and security
for your customers and decreasing or
eliminating the hated waiting times.
This is why customers like it. This is
also the reason why these accounts are
growing very quickly.
Advantages to Merchants
The most important and obvious benefit
is that their customers are happy, which
will result in more customers and higher
sales, resulting in higher profit.
The other benefits for the merchants
are:
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“Top of Wallet” convenience which is
a technique where the customers
spend more.
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Beating the competition
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Cost cheaper and the terminals are
very cheap.
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Much Higher Efficiency
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Easy to upgrade
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Higher customer loyalty
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