As technology evolves, we are continually seeking new ways to simplify our daily tasks. Contactless payment systems strive to improve and streamline the purchasing process for your customers. However, contactless POS systems don’t just benefit the consumer – they also benefit your small business, says Harbortouch experts.
What Is a Contactless Payment System? Harbortouch Explains.
Contactless point-of-sale (POS) systems allow you to pay for goods and services without the use of physical aids like a credit card, debit card, checkbook, or cash. Contactless payment is called “contactless” because the device you use to pay never physically touches the POS terminal.
Traditionally, when you make a purchase at a store, you swipe or insert your card at the point-of-sale terminal. The chip or magnetic strip on your card contains all of your banking information. This information is read by the POS terminal and allows the store or restaurant to charge your account for the purchase, explains Harbortouch.
Contactless POS Systems Make Transactions Safer, and More Secure Says Harbortouch
Unfortunately, magnetic strips were invented in 1950 and haven’t changed much since then. This makes them susceptible to fraud and tampering – it’s not difficult for hackers to steal your bank information. Chip cards were invented to protect your banking information further and are somewhat more secure than traditional magnetic strip cards.
Like those provided by Harbortouch, contactless payment systems are the most secure way you can share electronic access to your payment information. It operates on near field communication (NFC) technology and uses radio frequency identification (RFID) to communicate with the POS terminal once it’s a certain distance away (usually a few centimeters). Your information is transmitted through RFID when you wave your device over the payment reader or tap it.
What makes this more secure than other payment formats is the lack of private information involved. These are “authenticated payments” and are being run through your phone’s data encryption. Even if a hacker does steal this information, it would be useless to them, says Harbortouch representatives.
Most contactless payment systems allow you to pay through smartphones, smartwatches, and other wearable devices with apps and digital wallets on them. Apple Pay, Google Pay, and Samsung Pay are all examples of contactless payment providers.
And of course, there is increased safety offered through contactless payment systems for the customer during the pandemic. Not having to touch the sales terminal to sign or enter their pin is one less opportunity to transmit the virus.
Making your payment options safer and more secure can give your customers peace of mind and increase the value you offer. It can also save you, as a business owner, a lot of time, stress, and effort that goes into dealing with or disputing fraudulent payment claims. Contactless POS systems, like those available through Harbortouch, can offer a more secure shopping experience.
Contactless Payment Systems Increase Efficiency Says Harbortouch
With a contactless payment system, you never have to wait for a PIN to be typed, a receipt to be signed, or change to be counted out. If you have high traffic daily or at specific peak times, you can improve customer experience by decreasing wait times and increasing service speed.
This increased efficiency can also allow you to serve more customers. When you decrease transaction time and wait times, you increase your capacity for more sales!
Harbortouch is a leading national supplier of POS systems for small to mid-sized businesses. They’ve served over 400,000 businesses across the country by helping them increase their sales and customer satisfaction and decrease their security incidents and wait times.