What is a contactless payment?
What is a contactless payment?
Simply put, contactless payments are a way of paying for goods and services without having to physically swipe or insert your card into a POS device.
This increasingly popular payment option is fast and secure way to make purchases and businesses that offer more than one payment method often see an increase in revenue. Along with Chip cards, it makes it harder for anyone to steal your information compared with the magnetic-stripe cards.
When the payment is taken, the customers name, card number and 3 digit security code isn't transmitted keeping the transaction secure. Information submitted through the merchant terminal through contactless payment is encrypted and difficult to intercept.
Contactless payments average 2.93 seconds per transaction, this speeds up the checkout process and ramps up sales.
Contactless Payments benefits businesses by providing fewer fraud losses and reduce customer wait times because of how quick it can process. In turn this will increase customer satisfaction, and a streamlined payment system that eliminates the amount of steps it takes to process a single transaction.
Technology is forever changing and Choosing the right P.O.S System can help streamline contactless payment options even further.
Partnering with a reliable provider that will help your business grow is the best way to go. At Champion Payments our promise is to provide you with the best experience that you've ever received from any merchant services firm you've done business with.
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