CONTACTLESS PAYMENT OPTION IN TOBACCO MERCHANT
ACCOUNTS
There is high risk involved in merchant
account because of the scams and frauds.
There is always some risk related to
monetary matters in the modern world.
Carrying huge sums of cash while
travelling or moving around is a major
risk while credit card frauds is another
risk. So, the internet banking
technology has come up with a new idea
or plan to prevent the frauds to some
extent. This system is called as contact
less payment.
The electronic banking services have
launched this alternative system to
prevent the major problems faced by the
banks and the credit card holders. This
is also the latest technology that has
triggered the entire banking system in
the world. In Contact less payment
system, there is no need to insert or
process the credit card through the
various terminals. The transaction is
done electronically. The customer just
has to enter the credit card details for
making payments but the credit does not
physically reach the other person’s
hand. It is considered as the fastest,
safest as well as easiest method of
making payments through the credit
cards.
Merchants doing large scale businesses
find the contact less payment system
more beneficial rather than the final
customer. This type of merchandise
business should instantly apply for this
service and facilities. Let us see, in
detail, what is a contact less payment
system?
This is an offspring of the electronic
payment systems. It stands at the 3rd
position in the chain of technical
banking systems. As we all know, the
first system is the plastic credit card
and the second one is a credit card
system a magnetic strip. A customer can
make payments through the credit card
without letting the retailers to touch
the card. In other words, the merchants
holding the Contact less payment
Merchant account accepts payments from
the customers easily without the
customer having to give the credit card
(only the card details are needed). The
following methods are used while making
transactions using the contact less
payment systems. They are: Retailer
cards, contact less readers, backend
processing or the payment made over the
air software and NFC enabled software
where one can make payments through the
cell phones. According to the survey
that was conducted, it was found that
the customers are satisfied with the
contact less payment services.
It was also found that about 80 percent
of the population do not like to carry
liquid cash with them because of the
risk that is involved. Some people carry
very less money with them while moving
out. But these peoples are purely
dependent upon the credit card
facilities. A customer should be careful
while making transactions using their
credit card, where they have to handover
the card to the merchant or the
retailers. Many fraudulent cases have
been reported in the past due to which
merchant account is considered as high
risk. The survey also shows that the
people are attracted towards the contact
less payment system because they feel
that this system is the most convenient
as well as reliable mode of making
payment. About 90 % people like this
service. 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. |