Offering customers multiple ways to interact with your business is a heavy priority this year. Does your business support social distancing and flexible payment options?
Economic effects of the coronavirus pandemic have challenged the way we do business. Businesses and consumers are extra avoidant of handling cash and credit cards. Those who accept credit cards are taking extra precautions to make sure their credit card terminals are disinfected between checkouts and their customers have the option to bypass contact altogether when they buy something in person.
Already, contactless payments were experiencing a surge in popularity, but since the virus started impacting the U.S. banks have issued more contactless credit cads than ever before. According to a study in March conducted by RTi Research, about 30% of consumers in the U.S. have started using contactless payments since the virus started raising widespread concern, and of those new users, 70% expect to continue using contactless payments method when pandemic risks have lessened. Contactless payments include transactions made via contactless credit card, wearable NFC devices like smart watches, and smart phones.
Most EMV chip-enabled terminals are also capable of contactless transactions. Examples range from standalone terminals like the Verifone VX520 to full-featured POS systems like the Clover Station.
Also according to RTi Research, approximately 30% of consumers worry about catching the virus from cash, heavily under fire as a virus transmitter. If your credit card terminal does not already accept contactless payments, it may be time for an upgrade through your merchant services provider. Don’t miss payments just because you don’t offer your customer’s preferred payment method.
Virtual Terminal for MO/TO
Customers who may have preferred shopping in store pre-COVID may now appreciate the option to be able to pay online or over the phone. A payment gateway can double as both a customer-facing checkout form on your website and a virtual terminal you key customer card data into when the card and cardholder aren’t present, if you want both capabilities through through a single solution and provider.
Keying into a virtual terminal versus a credit card machine gives you more options such as invoicing, recurring billing, and reducing your PCI compliance scope by outsourcing credit card data storage. Source
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