What are the benefits of a contactless card reader?

Product Information 15 October 2018
contactless card reader

The contactless revolution

When contactless launched in 2007, people were initially unconvinced by it. But times have certainly changed: it’s now used by millions of people every day.

In 2017 alone, contactless payments rose by 97%. By September 2017, over 119 million contactless cards were circulating in Britain. In fact, Britain has the highest percentage of contactless payments of any country.

Ask any business owner or customer why and they’ll all give you the same answer: speed. Contactless is the fastest, most effortless way to pay for something.

But contactless is about more than just speed. It offers advantages over cash, and the technology behind it isn’t just about cards. So if you’re wondering how a contactless card reader could benefit your business, then read on.

But first, let’s start by looking at what contactless actually is.

 

What is contactless?

Unless you’ve been holidaying on Mars, then you’ll likely know that it’s a way for customers to pay for small purchases – up to £30 in value – simply by tapping their card against a contactless terminal. There’s no need to enter a PIN number or sign anything.

Contactless card readers were designed to make transactions fast, effortless and secure, and it’s certainly succeeded.

What you may not know is that there’s quite a bit more to contactless. For instance, did you know that it’s possible to make Higher Value payments, over £30?

It usually involves extra customer verification, and all major card issuers have this in place. This verification may be a passcode the customer has to enter (used by Visa, MasterCard & American Express) or a biometric identifier (the fingerprint technology that unlocks certain Smartphones) if a customer’s paying via mobile.

Further reading: How do contactless payments work?

The benefits of getting a contactless card reader

 

Swift and secure

Contactless has security at its heart. But few know that contactless transactions offer the same protection as those made with Chip & PIN.

 

For a start, you’re guaranteed to be paid without dispute (and who doesn’t appreciate that?) And, like other forms of card payment, it’s covered for fraud by the issuing bank, protecting you and your customer.

 

The contactless system itself has built-in protection to stop people from accidentally paying twice for the same item.

 

Every transaction is then encrypted – just one of many security features that leap into action behind the scenes. A ‘token value’ is created that substitutes the account owner’s details for a secure code that protects transaction and account details.

 

And should you or a customer need to query a transaction, you can quickly call up an audit trail and view all transactions.

 

Contactless cuts through queues.

Better still, a contactless card reader can help your business make savings in other ways.

 

Cheaper transactions.

Contactless works out less per transaction than Chip & PIN. It won’t make you an overnight millionaire, but every little helps, no?

 

Productivity.

As transactions are faster you’ll have more time to spend helping your customers with their questions and queries.

 

Less processing.

You’ll spend less time handling and processing cash, and make fewer trips to the bank (which also helps with security). A smaller float could also reduce your insurance premiums.

 

Improved receipt handling

Depending on how you’ve linked your card machine to your EPOS, Contactless gives you the opportunity to print a receipt from the card machine or your till.

 

Refunds.

Contactless also makes light work of refunds. Once you’ve put the refunded amount through your EPOS, customers just tap their card or mobile and the money’s on its way back to their account.

 

All the shapes, and all the sizes.

Another benefit to using a contactless card reader is that the technology isn’t limited to cards.

With Apple Pay and Android Pay, people can now use their mobiles as a payment device. The Apple Watch can also make payments. In fact, the only thing that limits contactless devices is imagination, although a contactless sneaker may be an awkward way to pay for things.

 

For contactless, contact us.

Get a personalised online quote to see how much it would cost to add a contactless reader to your business.

 

One important point to remember is that all our card readers are ready to accept contactless payments from cards, mobiles and smartwatches. Not all card readers from banks are, amazingly. Banks are aiming to have contactless in their card readers by 2020.

 

There’s no need to wait that long with us: we can have a working card reader with you in just three days. You wouldn’t keep your customers waiting, and we won’t keep you waiting, either. After all, that’s what contactless is all about.

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