Contactless Payments: What Are They and Why Should I Accept Them?
Feb 22, 2016
By: Bill Wade The credit card industry has come a long way through the years and is now changing to accept more advanced payment methods such as “contactless” payments.
Contactless payments broadcast an encrypted signal when placed near a machine designed to read that signal and process a transaction. When using contactless payments, the card and machine never come into physical contact with each other.
There are different types of contactless payments. One way of using contactless payments is through a QR code. QR stands for “Quick Response.” It produces a symbol that can be read optically with the use of a camera or specialized scanning equipment. When making payments using this system, a merchant can provide a unique code for the customer or the customer can show their account identity with the QR code.
Popularity is growing when it comes to contactless payments. QR codes and mobile devices make it as easy as snapping a picture or putting your phone in the proximity of the terminal. Information is changeable; each transaction can be keyed to a particular customer, making fraud and inaccurate transactions nearly impossible.
Speed is the number one factor driving merchants to switch to terminals that accept contactless payments. Surprisingly, merchants and customers are also finding that it’s not just the speed that is such a great feature. Enhanced security features are turning heads as well. The security features of contactless payment devices are worth the extra expense.
Stay up to date with the latest technology standards. Find out more about accepting contactless payments at services.officedepot.com, check out our in-store display or contact one of our experienced representatives at 1-866-755-1425.
About the Author
Bill Wade is a serial entrepreneur who has founded or co-founded over 25 companies since 1989. Bill thrives on the success of others and started Company.com with businesses in mind. Company.com ranked #10 in the Business Products and Services category in the Inc.5000 for 2015.
All content provided herein is for educational purposes only. It is provided “as is” and neither the author nor Office Depot, Inc. warrant the accuracy of the information provided, nor do they assume any responsibility for errors, omissions or contrary interpretation of the subject matter herein.