Everything you need to know about accepting contactless payments
Since the introduction of contactless payment solutions in 2007, the convenient payment method has grown in popularity to become a mainstream way to make a payment.
Giving users the ability to make payments up to the value of £30 without having to input their PIN code, contactless payments are a quick and easy way for users to complete small transactions. In the last year, an average of £4.3 billion was spent via contactless cards each month in the UK.
For businesses, charities and traders, the ability to accept contactless payments means you’re able to capitalise on this audience of customers and potential donors who want a quick and easy method for completing a payment.
How does contactless work?
Contactless payments are able to be made from a range of sources including contactless-enabled credit and debit cards, mobile phones, fitness trackers, smartwatches and key fobs.
Contactless-enabled credit and debit cards contain a chip and antenna which emit radio waves, the process is known as Near-Field Communication (NFC) a form of Radio Frequency Identification (RFID) technology. The radio waves communicate with the contactless-enabled payment terminal to authorise a payment for the required sum without the cardholder needing to enter their pin number.
Digital devices with contactless capabilities, such as mobile phones, that support NFC are able to emulate a contactless card to complete contactless transactions.
For a vendor using a contactless payment enabled card terminal, the process works very similarly to standard chip and pin payment processing. When you use RSM 2000’s contactless system, EventPay Lite, you’ll be issued with a card terminal and a smartphone.
The smartphone comes pre-loaded with an app which links with the card terminal to manage the payment using Bluetooth.
While the smartphone communicates with the card terminal using Bluetooth, you will also need a WiFi or mobile data connection to communicate with RSM 2000’s payment systems. To achieve this we can supply WiFi hotspots or, for an additional fee, we can rent out roaming mobile data networking SIM cards.
When you come to processing a transaction, simply enter the amount you wish to charge via the smartphone app and, if the payment is below £30, the cardholder can tap their card or hold their contactless-enabled digital device onto the terminal to complete the payment.
If the amount is the same for each transaction, for example, a fixed value donation, the app can be set to automatically reset after each payment ready for the next without intervention by the user. This means the terminal can easily be used, for example, as an electronic ‘collection tin’.
The benefits of accepting contactless payments
Contactless payments allow your customers to be able to make transactions under £30 quickly and easily with little friction.
As we head progressively towards a more cashless society, more and more people are turning to contactless payments for their speed and simplicity.
When your business or charity is set up to accept these types of transactions and donations you’re able to capitalise on this audience of consumers looking for quick and easy payment options.
Speak to us today to see how RSM 2000 can help you with your business’s contactless capabilities.