Contactless And The Effects It Has For Merchants
Being a enterprize in the 21st centuary it essential that the most up to date technology is used in order for them to thrive and survive amongst
fierce competition, this applies to construction machinery right the way through to payment processing technology. The reason why card processing
technology is relevant to nearly all businesses is because accepting card payments is expected by consumers in so many industries whether it is
retail or from a mobile business.
Thankfully as technology has evolved so have the machines which are required to process card transactions and not only that but small businesses
are also able to accept these purchases with much lower proccessing fees than were previously quoted by many acquiring banks There are 2 reasons
why the advancement in technology has benefited a small businesses capability to accept card transactions and the first is because merchant services providers
can be found more easily online and secondly because there are many new features such as contactless payment and chip and pin that make it secure
and convenient for consumers to pay.
Many small business owners are not familiar with some of the terms associated with the latest card machines and these might include acronyms such as
'PDQ' which means process data quickly and another one is 'NFC' which means Near Field Communication, NFC is a new technology which allows radio waves
to trigger the authorization of payments when a specialised card is waved near a contactless terminal.
If a business want to accept payments using the latest technology then they have to contact a merchant account provider if they are looking for the lowest
rates on individual transactions. Prior to merchant services companies small businesses found it difficult to accept cards by contacting payment processing
banks because the fees were very high and approval was difficult unless all of the correct information was supplied to the acquiring bank.
The best thing about third party providers which can be found online is that they are partners with a lot of merchant banks and due to their reputation
for accepting only credible businesses they are much more likely to get other businesses approved.
After a business gets accepted for a merchant account they can process card payments using either a static or fully wireless card machine, the static card terminal
would be plugged into a landline and powersocket at their premises and a wireless terminal is battery operated and uses a sim card similar to
that of mobile phone.
Mobile businesses that operate the portable card terminal can take payments from customers at any location across the United Kingdom and this is convenient
for the merchant and the customer because the portable terminal calls the bank very quickly and there is no waiting around for funds to clear.
The payment processing bank can handle thousands of payments simultaneously for the merchant and also takes on most of the risk involved in approving the
customer payments because the merchant is always able to withdraw funds on a scheduled date even while they may still be transferring from the customer
bank.
The merchant bank needs certain information from potential merchant business account holders and this is to protect themselves against the liklihood of a
fraudulant transaction taking place. The business is asked about the type of products they sell and what are value of these, they are also asked to provide
the expected number of transactions and this information is required in order to calculate a risk factor and percentage fee to compensate them for their
service. By being accepted by a merchant bank it is the most cost effective and secure way of taking credit or debit payments and businesses will also be required to
inspect their own systems to ensure they are inline with PCI security guidelines.
by: Marianne B. Conway
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