The Pros and Cons of Contactless Payment

With the emergence of new kinds of technology nowadays, transaction processing in North Carolina is becoming more and more dependent on online services. Many companies are slowly allowing their customers to pay using contactless payment for their purchases. At the same time, the younger generations are typically the ones who are open to and are frequently making this type of payment.

How do I make a contactless payment?

With contactless payment, you just have to wave your card at a payment terminal. You do not need to insert a card to a machine, type your PIN to proceed with a transaction and sign the receipt afterward. Payment is done without any type of contact.

While contactless payment and other payment processing solutions in Wilmington, North Carolina are designed to make it convenient for customers to make payments, knowing the pros and cons of such solution is necessary. This way, you can find out whether it is the best option for your situation or you can take advantage of another option.

• The Pros
  1. Convenience

     Contactless payment only needs your card or your smartphone. You do not need to input your PIN nor sign a receipt just to make your payment. As such, it offers the convenience that you may not enjoy with debit or credit cards or cash.

  2. Time-efficient

     Since all you have to do is wave the card or the phone, it saves you time in making a payment.

  3. Security

     Since contact is not established, contactless payment is a secure mode of payment. At the same time, the technology used in this situation, NFC technology, utilizes data encryption when transmitting sensitive personal info. This lessens the likelihood of your valuable information being stolen by hackers.

  4. No Typo Errors

     You do not have to worry about forgetting your PIN number since you do not need it anymore.

• The Cons
  1. Limited Availability

     A lot of customers are still not educated on how this solution as well as how newer cash management solutions work. Others are skeptical. Many companies are still not adapting this technology.

  2. E-Payment App on Phone

     This technology is only available for those who have e-payment apps downloaded and installed on their phones.

  3. Fixed Limit per Transaction

     The limit per transaction set by the bank cannot be changed by the consumer.

  4. Compromised Account

     If you lose your credit card, hackers can easily access your account since they do not need to enter a PIN.

Infinity Payment Systems helps you identify which payment solutions are best for your business and for your customers. Call us today!