As businesses seek new ways to operate in a business world dictated by COVID-19, customer and staff safety remains at the top of the priority list. Contactless customer engagements are perfectly suited for almost any small business owner, but these often add complications in the form of payment processing. Accepting payments during these customer engagements can be easily resolved through the use of contactless credit card transactions.
But where do you start? Equipping yourself to be able to accept contactless payments is only the start; what about the potential for additional payment processing costs or security issues? The simple fact remains that many of the most repeated credit processing myths can be easily debunked. Knowing this, and understanding the key facts for each one, will allow you to engage in a fully contactless strategy that is enticing to your customers as well as to your employees.
Myth #1: Contactless Payments Are Not Secure
The term “contactless” often invokes visions of payments being processed in thin air. This makes many suspicious of the security surrounding contactless payments. These suspicions are unfounded, as contactless payments can actually be more secure than traditional payment types. The methods used to process contactless credit card payments are built around powerful encryption technology that is almost impossible to compromise.
Contactless credit cards utilize the same security technology as EMV chip cards. Also, fears of a person coming within close proximity to gain access to it are unfounded, as any such attempt would not yield vital information, such as the cardholder’s name or the 3-digit security code. These on their own work to fully secure a contactless credit card transaction, and should give consumers the confidence they need to not worry about their information being compromised.
Businesses are also better protected against losses when accepting contactless credit cards. Major payment processors offer businesses protection against contactless card compromise and will work with you to ensure that your contactless payment hardware and software is fully up to date to mitigate security risks. It will be highly unlikely that you become an unwitting party to a fraudulently created credit card being used in your business.
Myth #2: Payment Options are Restricted
You have seen the tap payment commercials where a celebrity makes a purchase by quickly tapping a card on a payment terminal before saying his or her line. While this is one way in which contactless payments are utilized, it again does not represent a complete picture of all of the contactless payment options that are available to small businesses. And as you will see, many of the payment options you likely already offer are considered contactless.
Contactless payment options present you with a wide range of payment offerings. Products and services purchased online can be paid for using any physical credit card type, expanding the contactless payment options beyond the tap and pay process seen in commercials. These, when combined with the acceptance of contactless credit card payments via digital wallets, presents you with the ability to offer customers an almost limitless combination of contactless payment options.
Myth #3: Small Businesses Do Not Have Access to the Required Technology
This is a myth that goes beyond contactless credit card processing. The truth is that powerful technology has become very accessible to any size of the business, which is a testament to the innovators in point of sale software systems. POS innovators have taken Enterprise-level technology and have scaled them down into scalable, power-packed POS systems that can offer a business of one the same data analytics and inventory tracking capabilities that their larger competitors enjoy.
The most effective small business POS system for contactless credit card processing will introduce three key elements::
- Transaction and inventory data will be seamlessly integrated for easy reporting and analysis.
- Processed payments of any type or from any source will be automatically added to the books for financial statement balancing.
- The POS solution provider will offer flexible and scalable payment processing terms that flex as you grow, without any hidden fees.
Obtaining a POS solution that provides you with the business tools you need while reducing payment processing costs is the ideal scenario that you should strive to find. The POS platform being used must provide you with mobile payment tools, the ability to add an online presence, and the intelligence to run it all in the background while you focus on the customer. These will give you exactly what you need to create an innovative contactless customer experience that will elevate the reputation of your brand.
Start Accepting Contactless Credit Card Transactions
Modern POS technology has presented businesses of every size with the same ability to provide contactless payment options. The most capable of these systems will keep all of your transactions secure, using the cutting-edge technology that is provided and constantly monitored by credit card providers. Supplying these features to every customer transaction will boost sales and present more options to customers and staff that build safer engagements.
In a period of change, talech has a number of POS solutions that can help your business adjust operations smoothly. From reaching new audiences to engaging with your existing customers more often, we give you the tools to adapt quickly and with confidence.
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