Before the coronavirus pandemic turned the world upside-down and changed everything, many consumers had never even heard of contactless card readers. If you had asked, most probably would have scoffed at the prospect of ever embracing this technology in their daily lives. But that was then and this is now. Today, there are numerous reasons why your business needs to adopt NFC readers sooner rather than later.
What are contactless card readers?
Just to review, a contactless card reader allows your customers to make a payment using their smartphones or wearable devices. Contactless card readers (and your shopper’s smartphones and wearables) are equipped with near-frequency communication (NFC) technology that allows digital information to be securely passed back and forth as long as the devices are within a few inches of each other.
The secret is in the digital wallet stored in each customer’s smartphone or watch. Shoppers simply preload this digital repository with their credit and debit card payment information, and it is then securely encrypted and stored there for later use. At the time of purchase, the customer opens their digital wallet, verifies their identity with a passcode, fingerprint, or face ID, places their device near the reader, and confirms the purchase. Within a matter of two or three seconds, word as to whether the payment has been accepted or declined makes its way back to you and the customer. Best of all, the entire payment process is highly secure thanks to certified, point-to-point encryption and military-grade tokenization that converts user data into a single-use string of digits that even the most dedicated hacker will find worthless.
Why you should integrate tap-to-pay contactless technology into your business today.
Consumers are quickly coming to recognize the numerous benefits of contactless payments.
- Speed. Touchless payments take place in a matter of seconds, allowing buyers to quickly make their way through the checkout line and back to their busy lives with no fumbling for cash or credit cards necessary.
- Increased hygiene. Although we now know that the coronavirus is not spread primarily through touch, customers have come to be much more conscious of cleanliness and hygiene. Contactless payments mean that absolutely no physical touching ever needs to take place between you, your payments hardware, and your customers.
- Heightened security. While cash was once the go-to means of paying for goods and services, that is no longer the case. “Tapping to pay” means that customers only need to have their phone or wearable device with them, leaving them far less vulnerable to being robbed. Moreover, they can spend more money than they may currently have on hand, which allows them to purchase more or higher-end products from you.
- More accurate record-keeping for everyone. Because contactless payments are conducted electronically, merchants are not as likely to experience data entry errors. Additionally, a record of each purchase is automatically entered into the point of sale system that can be retrieved in the future should any questions or disputes arise. From the customer’s point of view, a purchase receipt can be printed or sent via email, making accounting easier.
- Access to loyalty programs. If you are already running a customer appreciation program at your store that rewards shoppers for frequent purchases, never fear. Your contactless card readers can be set to allow you to continue offering this important incentive. Even though payments will be faster and more secure, neither you nor your patrons will miss out on the benefits of your point of sale system’s customer relationships software.
- Multiple payment options. Your touchless reader might be compact, but it still allows you to provide buyers with numerous ways to pay through your point of sale solution. As long as you have set it up with your payment services provider, you will be able to use it to accept debit and credit cards, recurring payments, and even cryptocurrency — all without the customer ever needing to come into direct contact with your hardware.
Technology continues to give business owners new ways to meet the needs of their customers. Thanks to touchless technology, you can now offer a safe, secure, and speedy payment experience that simultaneously helps you streamline your own internal business operations. Although the last few years have been turbulent ones for buyers and sellers alike, the technology that has gained prominence because of it is proving to be beneficial to everyone involved. If you haven’t already integrated contactless payments into your business model, there is no time like the present!
