Contactless Payments Solutions
Contactless payments are an easy way to speed up the payment process for merchants and consumers. Cardholders simply tap or hold their card in front of the specialized card reader. The need for receipt signatures is eliminated.
Contactless payment systems (also known as "touch and go") are credit cards, key fobs, smartcards or other devices which use RFID for making secure payments. The embedded chip and antenna enable consumers to wave their card or fob over a reader at the point of sale. Some suppliers claim that transactions can be almost twice as fast as a conventional cash, credit, or debit card purchase. Because no signature is typically required for purchases under US$25, some research indicates that consumers are likely to spend more money due to the ease of small transactions.
Consumers don't like carrying cash but are wary of handing over a credit card because of the risk of credit card fraud. But what is the alternative? Contactless payments. The next generation of electronic payments, contactless payments don't require the customer to hand over their card. The entire transaction is completed electronically - their card never leaves their hand for a faster, easier and much more secure transaction. But what about the merchant? Should cash-heavy merchants rush into setting up a contactless payments merchant account? The answer is a resounding yes! Contactless payments merchant accounts deliver even greater benefits to merchants than they do for consumers. Read on to find out how.
Customers love it! Research shows that 86% of consumers want to carry less cash, and most carry less than $20. (From a survey conducted in 2005 by Lpsos and commissioned by MasterCard). Consumers are growing more comfortable using credit, but they’re still quite worried about security issues when handing over their card. In fact, 91% of likely users would feel more secure if they were allowed to hold their payment card through their entire payment process. There is also the ease of use, speed and convenience. Nationwide, almost 75% of respondents refuse to wait in line longer than five minutes for a purchase of less than $25, and more than 25% refuse to wait longer than just two minutes.
What are the Benefits for Merchants?
The most obvious benefit for merchants in having contactless payments merchant accounts is that consumers love it, so they’ll use it more often and spend more money. But the benefits don’t end there. Contactless payments merchant accounts also:
- Leverage ‘Top of Wallet’ convenience - Like traditional credit cards (and unlike cash), the customer’s card is always in their wallet, which means they’re more likely to spend, simply because they can.
- Deliver increased merchant differentiation - Particularly in the early days of adoption, merchants with contactless payments merchant accounts will ‘stand out from the crowd.’ They’ll offer consumers a new and exciting way to pay for goods and services.
- Are cheaper to operate - Transactions clear as a card-present, magnetic stripe-read transaction, but card readers are a fraction of the cost of a new POS terminal.
- Increase efficiency - Businesses with contactless payments merchant accounts enjoy much more rapid check-out times during peak hours.
- Are easy to install and upgrade - The hardware for contactless payments merchant accounts is all plug-n-play.
- Increase customer loyalty - Studies show that customers return to the participating merchant’s location on an average of two times a month.
- Leverage a general consumer movement away from cash (20%) - Even customers who don’t specifically love contactless payment probably DO specifically dislike cash. By offering them an alternative, businesses increase the likelihood of a sale.
- Put simply, businesses with contactless payments merchant accounts enjoy increased transaction volume (average 45%) and increased ticket size (average 20%).
What Merchants Benefit Most from Contactless Payments Merchant Accounts?
- QSR / Fast Food Restaurants
- Petroleum & C-store
- Book Stores
- Dry Cleaners
- Video Rental
- Pharmacy
- Grocery
- Parking
- Movie Theaters
- Stadiums & Arenas
- Theme Parks
- Events
- Cafeterias (Schools & Corporate)
- Taxis
- Transit
- Vending
- News Stands
- Parking Garages
Visa Paywave and Mastercard Paypass are examples of contactless credit cards which become widespread in US and UK.
Contactless Payment Terminals
VeriFone’s MX830
Keeps Lanes Moving and Consumers Engaged
VeriFone’s MX830 is the robust payment device multi-lane retailers have waited for—
a versatile, durable, economical performer tuned to multi-lane and integrated point-of-service environments. The consumer-facing device provides transaction speed, reliability, flexibility, and security—together with attention-getting brand reinforcement and promotional messages, delivered directly to the consumer.
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VeriFone’s MX850
The Clear Choice for Multi-Lane
VeriFone knows multi-lane retailers compete in a demanding marketplace where consumers expect prompt service. VeriFone’s MX850 is designed specifically for these unforgiving multi-lane and point-of-service environments, with a powerful processing engine, an ultra-crisp color display, scratch-resistant touch screen, outstanding durability, and modularity for investment protection—making it the clear choice.
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VeriFone’s MX860
Just the Right Touch
As the integrated retail landscape becomes increasingly competitive and complex, you need powerful and rugged payment devices that can multitask, from delivering eye-catching promotions to enabling customer touch points such as convenient price-checking, loyalty enrollment and instant credit applications.
As the newest member of the fully integrated MX Solutions family, the MX860 is as versatile as it is performance-oriented. The combination of a wide screen, a tactile keypad and a large signature capture area speeds customers through lanes. A fast processor and ample memory make the MX860 especially well suited for high-volume locations. But, the MX860 delivers more than fast and secure payments. It features a brilliant full-color display for implementing attention-getting promotions and a variety of other revenue generation and customer interaction solutions. Combined with the new MX800 Series printer and scanner, multiple connectivity options including Power over Ethernet, WiFi, USB and various serial interfaces, plus a secure browser platform—the MX860 puts a whole new world of payments and promotions capabilities at your fingertips.
VeriFone’s MX870
Branding from a Different Point of View
Now VeriFone empowers retailers with a revolutionary new way to broadcast advertising and corporate messaging directly to customers. VeriFone’s MX870 goes well beyond standard PIN pad technology and merges full-motion video, a 65,536-color display, high-quality digital sound, and highly secure payment capabilities into a single, easy-to-use networking device. Merchants can harness the communications power of the MX870 to create brand awareness, reinforce advertising, or even deliver cross-promotions to their customers. The unique and highly targeted marketing opportunities available through this merchandising powerhouse are truly extraordinary.
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VeriFone’s MX880
Twice as Nice
Retailers expect payment devices to perform multiple functions—delivering high-impact promotions and value-added applications, while quickly and securely processing payments in every kind of situation, from high-volume attended lanes, to self-service check-outs and kiosks.
The MX880 features VeriFone’s largest full-motion video display and most powerful processor in a device with a tactile keypad. It combines full-throttle multimedia for revenue-driving promotions, branding and messaging with a payments solution that withstands the heaviest use and meets the needs of all customers.
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Get More Value in a Small, Powerful Package
The Optimum L4150 is Hypercom’s PCI PED online and offline approved, high-performance, multi-lane payment and advertising terminal. Utilizing a 200 MHz, 32-bit Intel XScale® processor, the L4150 is designed to meet the performance needs of even the most demanding retail environments. The integrated terminal design provides users with multiple card reading options including Hypercom’s innovative, dual-sided, bi-directional magnetic stripe reader. This feature means customers will no longer have to worry about swiping the card in the correct direction or orientation. In fact, this capability increases the accuracy of the card data reads, well beyond normal swipe speeds which can ultimately reduce lane slowdowns and cashier interactions.
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Get a 99.99% First-Read Rate in the Industry’s Most Stylish Package.
Here’s compact streamlining at its best: the Optimum L4250. Easy to use and attractive at the same time, using Hypercom’s innovative, dual-sided, bidirectional magnetic stripe reader means your customers won’t have to deal with frustrating fumbles. In fact, you get accurate card data reads well beyond the nominal swipe-speed range so you can reduce lane slowdowns and cashier interactions. The unit’s large, easy-to-read LCD screen not only offers outstanding signature capture, it lets you communicate branding and merchandizing messages quickly. Custom screens are easy to update and let you extend loyalty campaigns and promotional specials. The Optimum L4250 not only looks fast, it is fast – its Intel XScale® 32-bit processor rockets transactions to the ECR/payment device. It also supports advanced communications like USB and Ethernet for even faster transaction speed. This is how you turn every lane into the fast lane.
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NDMS Offers
NDMS offers the technology, resources and support to deliver complete end-to-end payment processing services to any merchant.
By partnering with us, you gain the strength, reliability and flexibility of our payment processing network, plus comprehensive and proactive customer support that is unmatched in the industry. Our expert capabilities deliver swift, seamless authorization, capture, clearing and settlement services to meet your needs.
Benefits include:
- Full line of POS equipment and software applications
- Complete array of connectivity options
- Comprehensive payment forms
- Quick and easy setup
- Robust reporting
- Unmatched pricing
Support:
- Access transaction and batch information within minutes of the completed transmission
- Historical data available for the previous 13 months
- View and analyze daily electronic sales
- View monthly summaries (for multiple merchant accounts under one merchant)
- Create customized reporting
- Securely download data and reports in various formats
