There is no doubt that the COVID-19 pandemic has changed how everyone does business, from the largest corporations to small family-owned businesses. With little end in sight, now is the best time to install a contactless payment system. Even when things return to normal, many customers will likely still be more comfortable making contactless payments! Studies have shown over half of the new contactless customers said they’d like to continue using this payment method once the pandemic is over.
So What is Contactless Payment?
Contactless payment, like the name suggests, is a payment made without any actual contact. These payments can be made by smartphone or by card. This is possible thanks to a technology called “near field communication” or NFC. NFC uses a unique radio frequency, RFID, to communicate with the card or phone. Customers simply hover their phone or card over an NFC reader to transmit their payment information.
Are Contactless Payments Secure?
Contactless payments are more secure than regular card transactions! For payment to be processed, a unique token is sent to the NFC reader that doesn’t have any of your actual card details, similarly to how chip cards work. However, contactless payments are faster than chip payments, only taking about half the time to process! Not only are they more secure, but they also eliminate the risk of spreading germs between you and your customer. The World Health Organization has even recently declared it the healthiest way to pay!
Contactless Payments are Becoming Much More Common in the US
Contactless payment was already prevalent in Europe pre-pandemic, but it has seen rapid growth in the US in recent months. Nearly every major credit card company has contactless card options now, or at least the capability to add your card to your phone and make a payment that way.
True Merchant is Here to Help you Navigate Contactless Payment!
We offer contactless payment technology and are here to answer any questions you may have about implementing this technology!
