Using plugins to fast track your business
With every surface a potential risk for coronavirus transmission, consumers are demanding safer ways to pay. Credit card giant Mastercard saw a 133% jump in contactless transactions between 2019 and 2021, while Visa believes more than half of consumers are expected to shift to cashless payments within the next 10 years.
Although contactless payments have been available in the US since 2004, shoppers have been slow to use it. So slow that, when banks were mandated to issue EMV-compliant cards in 2016, they chose to save ~35 cents per card by sending out “single-interface” cards with no contactless antenna.
With customer demand driving accelerated adoption of touch-free payment experiences across industries, merchants must find the best way to deliver contactless quickly. Here are four ways your business can go touch-free.
Contactless isn’t just a passing fad, it’s here to stay. Whether that’s true contactless via NFC-enabled cards or mobile wallets, or touch-free experiences like in-app purchasing and curbside pickup, shoppers aren’t going back to dip and PIN after enjoying speedier checkouts.
Contactless payments allow shoppers to make payments without inserting or swiping their card. It’s enabled by near field communications (NFC) technology in the point of sale (POS). As mentioned above, a small antenna and chip in the card transmits data securely.
Contactless cards aren’t the only way shoppers can tap-and-pay. Mobile wallets like Apple Pay, Google Pay™️, and Samsung Pay all use the standard NFC protocol. They are particularly useful for larger purchases and can be used to authorize amounts over the contactless limit (the amount a shopper can spend per transaction before needing to enter their PIN).
What is a brick and mortar store without a way to accept payments? Yet for most businesses, POS terminals (e.g. card readers) are something tethered to the wall. Customers don’t want to wait in long lines, which is why it’s critical to free up employees to accept payments anywhere.
Enter the mobile POS terminal — a handheld device that accepts all key payment methods and connects to your network securely. With today’s social distancing considerations, mPOS makes it easier to bring the checkout to your customers with contactless, QR codes, and more.
Just like other digital payment methods, you want to make sure your app’s checkout is optimized for frictionless buying. This includes incorporating things like pre-filled contact and delivery fields, loyalty accounts linked to specific credit or debit cards, and one-click payments.
If you’re strapped for time, budget, or both, Pay by Link is the fastest way to get up and running with a checkout. Instead of asking a customer to interact with a POS terminal or come to your store, you simply send them a link that takes them to a secure payment page.
This option allows you to expand to digital channels like email, chat, social media, and SMS, making it easy to let shoppers pay with their preferred payment method across devices. (Note: Pay by Link is an Adyen term and other payments providers may have different terminology.)
Picking a payment method to help your business go touch-free is just the start. In our next article on contactless payments, we’ll dive into the nitty gritty of offering contactless payment methods for your customers — including important pitfalls to avoid.
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