All About Contactless Payments

Research suggests cardholders are getting on board with contactless payments in greater numbers every year. So, how do you ensure your business is ready? Let’s look at several considerations, shared by our friends at Elavon and US Bank:

Accepting contactless payments should be an essential component of operating safely and minimizing the spread of germs. Contactless cards, smart phones and smartwatches are all convenient and quick ways to pay while avoiding contact at the point of sale.

From paying at the table in restaurants to shopping via a smartphone app and using Apple Pay, offering alternative payment methods gives customers peace of mind while enabling businesses to meet changing demands. Contactless payments continue to achieve strong adoption from both issuers and cardholders, and more and more users are asking about contactless at the point of sale.

What does this contactless adoption mean for business? Owners are encouraged to ensure they are ready to meet cardholder demand and give customers the choice to safely pay their way. Much like EMV adoptions in 2015, cardholders are getting on board with contactless payments. Here are two quick tips:

1. Be sure your payment solution accepts NFC payments

Whether it’s key fobs, smartphones or contactless/”tap and go” cards, Near Field Communication (NFC) technology enables you to future-proof your business with a long-term payment solution. Investing in a device that accepts these payments methods is not only smart, but economical in the long term. If you’re looking for a more cost-effective solution in the near term, ask your Altor rep about equipment options.

2. Accepting contactless payments is inherently more secure

Contactless cards and mobile wallets can provide stronger security than traditional payment methods through tokenization technology. A token replaces a cardholder’s payment card numbers, rendering the information useless to hackers in the event of a breach event. Increasingly, modern payment devices and solutions help mitigate the risk of potential data breaches and the resulting reputation and financial loss through enhanced payment date security.

As payments increasingly become more a connected experience, setting a business up for these payments methods ensures you are offering a more convenient, safe and frictionless experience for your customers. Exceeding your customers’ expectations could make the difference in increased sales and long-term loyalty.

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