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 3^rd 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.