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:

  • Retailer fobs/cards
  • Contactless readers
  • Payment over the air s/w or Back end processing
  • 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:

  • “Top of Wallet” convenience which is a technique where the customers spend more.
  • Beating the competition
  • Cost cheaper and the terminals are very cheap.
  • Much Higher Efficiency
  • Easy to upgrade
  • Higher customer loyalty

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.