Accepting debit cards is a valuable service to offer to your customers. Not only does it add an extra layer of convenience, but it also reduces the costs of payment processing to your business. This explains why many small businesses try to actively encourage customers to use debit cards over credit cards. But now, one additional benefit to debit cards has emerged that has stemmed from the challenges faced by small businesses this past year.
Debit card providers of any size have recognized the value in supporting contactless debit card usage. Security advancements behind the scenes have brought debit cards back into the limelight as the best payment option for customers. This has opened the doors to making the use of debit cards in contactless situations just as easy as credit cards, but with the benefits of reducing your costs while improving the convenience and safety of the customer.
Supporting Contactless Debit Card Transactions Requires Capable Software
Leveraging the versatility of debit cards in the creation of a contactless customer experience starts with a thorough examination of your POS software. The POS software you use must not only support the advanced security features that come with the modern debit card but must also contain supportive technology for the building of a contactless strategy. It is the blending of these two important aspects that will give you a perfected mix of technology to drive your contactless initiative forward.
There are several features that must be included in POS software to maximize the benefits that come with the implementation of a contactless strategy. Although the list is lengthy, having these fundamental contactless pillars in place will be enough to push forward with offering the convenience of a contactless experience:
- Cloud-based data management for security and accessibility.
- Mobile POS options, such as mobile payment apps and QR codes.
- POS-vendor-provided web template that can be fully customized to match your brand.
- Provide or negotiate payment processing as an open-ended service.
- Weave mobile devices into the flow and look of your business.
Possessing these capabilities as the core of your POS software will give you a well-established platform that will easily support a contactless strategy. Deploying multiple new options of customer engagement can help you in transcending any COVID-related restrictions or required changes. And the best thing is that these core POS software technologies drastically reduce your reliance on hardware, making your contactless approach more pure.
What Role Does POS Hardware Play in a Contactless Scenario?
At first glance, talking about the role of POS hardware in a contactless business strategy seems counterintuitive. It would be a mistake to ignore the role of modern POS hardware, especially when you are planning on entertaining customers both in-person or virtually. The role of hardware changes in a contactless scenario, moving from a station-by-station approach and into the flexible world of mobility.
The use of innovative POS technology reduces the amount of hardware you need, as well as the required maintenance and support expenses. You gain space through the elimination of the traditional register, which is instead replaced by sleek, space-saving tablets that can be dismounted and go anywhere the customer is. These allow your staff to step forward, or to step back—depending on the situation—so that your customer is flawlessly serviced.
Utilizing mobile technology in your hardware can help eliminate the bane of many businesses: the receipt printer. Accepting mobile debit card payments, or using contactless cards within your physical business, opens the door to e-receipts and digital invoicing. These not only eliminate another volume contact point but make it easier for customers to make returns or to track any purchases made with you.
Does Your POS Provider Offer Flexibility in Payment Processing?
One last item, and perhaps the most important long-term item that needs to be examined, is to take a long, hard look at your payment processing costs. Although payment processing costs are typically lower with debit cards, you still need to have flexible terms in place for those customers that refuse to use debit cards, or for debit cards that are issued by banks that charge higher than average processing fees for each transaction.
The most important aspect to seek in payment processing terms is to have the ability to have flexibility as business climate change. The ultimate payment processing scenario has your POS vendor negotiating the open-ended terms with a payment processor, and then proactively making changes to the terms of service or the payment processor. This gives you the best payment processing terms possible, with very little time investment on your part.
Accepting a Contactless Debit Card Transaction Has Many Moving Parts
Promoting the use of debit cards has become a normal part of doing business for small business owners. The lower payment processing costs are one key aspect, but so is the widespread availability and enhanced security options. These make the ability to accept and process debit cards in a contactless business strategy and ideal mix. However, this strategy has many moving parts that require you to have comprehensive POS technology running it all.
In any 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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