CheapestMerchantAccounts.com shows Small Businesses How to Profit with Contactless Payments

PRLog (Press Release) - Jul. 9, 2012 - Contactless payments are beginning to make headlines as a new method of purchasing products without ever swiping a card.  Contactless payments work using radio frequency identification chips (RFIDs) embedded in credit cards.  The consumer waves their card over a payment terminal and the RFID chip gives off the card number and expiration date.

The contactless payment makes buying products extremely easy.  Research shows this ease like paying with a credit or debit card compared to paying with cash may spark individuals to purchase more than they normally would.  According to a press release available on MasterCard’s website, their “research showed that within the first 12 months of their first contactless transaction, PayPass-enabled accounts spent almost 30% more on average, using their PayPass-enabled card.”  For consumers this may not be the best news but for business owners it could mean higher profits if you are capable of accepting contactless payments.

Deciding on whether or not to install contactless credit card terminals requires forethought and planning.  Gerald Evans, co-founder of the leading merchant account review website CheapestMerchanAccounts.com (http://cheapestmerchantaccounts.com), advises business owners that contactless credit cards were not meant for every business at this period in time.  The option to incorporate contactless credit card terminals into your business should depend on the demographic you are selling to.  Are most of your customer’s paying with cash?  How many of your customers are interested or fans of contactless payments?  What age group are you selling to?  Knowing who you are selling to can be the difference between making the switch or continuing with normal processing terminals.

Evans advises, “one important part of installing a contactless credit card terminal is making it accessible.  If you have the terminal facing the employee, then there is no way for the customer to scan his or her credit card, removing any benefit of this system.”  Evans has numerous other practiceal suggestions in his article on the terminal, which helps make the contactless terminal most accessible and easy to use by both servicemen and customers.

Although not required, the SMA has issued guidelines that advise business owners installing contactless terminals.  Installing the system in all your terminals ensures that customers who are fans of the system do not overcrowd one line and low down your business.  On the same front it is important to note CheapestMerchantAccount.com’s (http://cheapestmerchantaccounts.com/best-practices-for-co...) report that “contactless credit cards take less time to use.  So in the time it would take 40 customers to swipe credit cards, 55 or 60 may be able to scan the card.”

Contactless payments are a new option business owners are open to with the expanding capability of credit card processing.

Media Contact Info
Gerald Evans
CheapestMerchantAccounts.com
18572441614
http://cheapestmerchantaccounts.com/
gevans@cheapestmerchantaccounts.com

SOURCE
CheapestMerchantAccounts.com
MasterCard.com