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lucidpayments · 10 months

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Tapping Into Success: How Contactless Payment Solutions Can Benefit Your Business

Regardless of the kind of company you own, or what industry you operate in, if you want to grow your business, you’ve got to give your customers what they want.

This idea that the customer’s always right certainly isn’t a new one, but it’s been given new meaning with the rise of contactless payment solutions.

Being able to simply tap your credit card, smartphone, or other device has become increasingly popular in recent years, not least as a result of the pandemic.

Like it or not, many people today would prefer to avoid touching a payment terminal, and this has caused the popularity of contactless payments to skyrocket like never before.

A survey from Mastercard of 17,000 consumers across 19 countries found that nearly eight in 10 respondents make use of contactless payment solutions.

What’s more, the survey found that 82 per cent of respondents consider contactless payments to be “the cleaner way to pay” and 74 per cent of them said they planned to continue using contactless payments post-pandemic.

In addition, as you can see from the graph below, a report from Payments Canada, published in 2022, found that between 2020 and 2021, the volume and value of contactless payments increased by 12 per cent and 18 per cent, respectively.

The report also found that due to the pandemic, 43 per cent of Canadians have changed their payment preferences to “digital and contactless for the long-term.”

Moreover, about one-third of Canadians said they’re uncomfortable touching a payment terminal, and more than a quarter said one of their biggest frustrations when making in-store payments is when stores don’t offer a contactless option.

At the same time, the majority of Canadian merchants are now giving consumers what they want, as a study from the Bank of Canada found that in 2021 and 2022, 81 per cent of merchants surveyed said they offer contactless payment solutions in their stores.

All things considered, clearly this trend toward contactless payments isn’t going anywhere. Consumers from around the world, and right here in Canada, want this option to be available, and the reality is, business owners who don’t offer it are going to get left in the dust.

So, if you want to start offering contactless payment solutions, or you’re not quite sure what they are, but you want to learn more about this technology, and how it can benefit your business, then you should definitely keep reading.

Because in this article, we’re going to explain what contactless payments are, and how they work, and explore the benefits of this ever-more popular and convenient payment option.

What Are Contactless Payments and How Do They Work?

The term contactless payments refers to a form of payment where the customer doesn’t need to physically insert their card into a card reader or enter a PIN.

Instead, they can simply wave or tap their contactless-enabled card, smartphone, or wearable device (such as a smartwatch) near a contactless-enabled payment terminal to complete the transaction.

Here’s how contactless payments work:

Card or Device: Customers use a contactless-enabled debit or credit card, a smartphone with mobile payment capabilities (like Apple Pay, Google Pay, or Samsung Pay), or a wearable device equipped with contactless technology.

Payment Terminal: Merchants or businesses need to have a contactless payment terminal or point-of-sale (POS) system. These terminals are equipped with near-field communication (NFC) technology that enables them to communicate wirelessly with the customer’s card or device.

Tap or Wave: To make a payment, the customer holds their contactless card, smartphone, or wearable device within a few inches of the payment terminal. There’s no need to swipe, insert, or type in a PIN.

Authorization: The payment terminal securely communicates with the card or device to process the transaction. Depending on the transaction amount and the specific regulations, the customer might be prompted to enter a PIN for security verification.

Confirmation: Once the payment is authorized, the terminal provides a confirmation, usually with a beep or a visual cue, indicating that the transaction is complete. The process is quick and efficient, often taking just a few seconds.

So, now that you have a better understanding of what contactless payments are, and how they work, let’s take a look at how contactless payment solutions can benefit your business.

The Benefits of Contactless Payment Solutions

Contactless payments have emerged as a game-changing innovation that is reshaping the way transactions are conducted.

With their undeniable convenience, security, and efficiency, contactless payment solutions hold tremendous potential to benefit both consumers and business owners.

With that in mind, let’s explore the myriad ways in which contactless payments can make your customers happy and benefit your business.

Enhanced Customer Experience

For both business owners and consumers, one of the most significant advantages of contactless payments lies in the enhanced customer experience they offer.

In an era where speed and convenience reign supreme, customers are drawn to establishments that provide hassle-free, convenient, and quick payment methods.

Contactless payment solutions fulfill this demand by drastically reducing transaction times. With a simple tap or wave, customers can complete their purchases swiftly, eliminating the need for them to fumble with cash or enter PINs.

The result? Satisfied customers who are more likely to return, spread positive word-of-mouth, and contribute to increased patronage and higher sales.

Streamlined Operations

For business owners, time is often a precious commodity, but contactless payment solutions can help to streamline your operations by speeding up the payment process.

The reduced time spent on each transaction translates into shorter lines, faster checkout, and improved overall operational efficiency.

This efficiency gain can also have a ripple effect on various aspects of your business, allowing you and your employees to spend more time focusing on other critical tasks, such as customer service and inventory management.

Increased Sales Opportunities

Contactless payment solutions can open up new avenues for you to capture sales that you might have been missing before.

By embracing this technology, your business can tap into a broader customer base, including tech-savvy individuals who prefer cashless transactions.

Moreover, contactless payments can facilitate impulse purchases, as customers are more likely to make quick buying decisions when the checkout process is frictionless. For businesses operating in competitive markets, this could translate into a significant boost in revenue.

Data-Driven Insights

In the digital age, data is king. That being said, contactless payment systems can provide you with valuable insights into your customers’ behaviour and preferences.

And by analyzing that transaction data, you can gain a deeper understanding of your customers, which allows you to tailor your offerings, promotions, and marketing strategies accordingly.

This data-driven approach can help you to make informed decisions that can drive growth and optimize your operations.

Cost Savings

While the initial setup costs for contactless payment systems may seem like an investment, they can lead to substantial cost savings in the long run.

Handling and processing cash transactions can incur expenses related to cash management, security, and banking fees. But by offering contactless payment solutions, you can reduce your reliance on cash, thereby cutting down on associated costs.

Additionally, the digital nature of contactless transactions helps to reduce the need for paper receipts, which also contributes to these kinds of cost-effective practices.

Security and Trust

Contactless payments are built on robust security measures, including encryption and tokenization, which safeguard sensitive customer data.

This level of security not only protects customers but also fosters a sense of trust and credibility for your business.

In an age where data breaches and fraud are prevalent concerns, offering secure payment options can set your business apart and establish a reputation for prioritizing the security of your customers.

Adapting to Changing Trends

The world of commerce is evolving rapidly, and as a business owner, you’ve got to adapt to stay relevant.

With that in mind, contactless payment solutions represent an essential step toward the modernization of your business.

And by embracing this technology, you can demonstrate your willingness to evolve with changing consumer preferences, positioning your business as a forward-thinking and innovative establishment.

Contactless payments are ushering in a new era of convenience and efficiency, and for business owners, particularly those running small and medium-sized enterprises, the benefits are both tangible and transformative.

From enhancing customer experiences and streamlining operations to increasing sales opportunities and providing data-driven insights, the impact of contactless payment solutions is profound.

And as the business landscape continues to evolve, harnessing the power of contactless payments isn’t just a financial transaction – it’s an investment in the future success of your business that can foster growth, customer loyalty, and innovation.

Do you want your business to be able to accept contactless payments? Give us a call today to find out how we can help.

#payment processing #credit card fees #contactless payments

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rochakguy · 1 year

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Top Credit Card Companies Offering Instant Approval in the US

Introduction Credit cards have become an integral part of our lives. They offer convenience, flexibility, and rewards. However, getting approved for a credit card can be a daunting task, especially if you have a poor credit history. Fortunately, some credit card companies offer instant approval. In this article, we will be discussing the top credit card companies in the US that offer instant…

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#Best credit cards #Credit card companies #Credit card fees #Credit card rewards #Credit score requirements #Debt-to-income ratio #Financial planning #Improve credit score #Instant approval credit cards #Low APR credit cards #Money management.#Personal finance #US credit cards

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suncaptor · 2 months

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Been trying to not bother anyone, but I am wondering if anyone could send donations. I can't pay rent today (even if I pay the half I will on credit) and more fees are adding on, and outside of some help I've barely been eating for a long time here. I'm just struggling to afford rising costs of living with constant new crises happening, and I haven't been able to get someone to take over my lease, so I can't just couchsurf. Not at all asking anyone to over extend or send me more if they've had, but if anyone could help I'd appreciate it.

(I have seen as many case managers and financial aid advisors as I can and am using every resource I can too! There's just not much where I am now.)

Paypal suncaptor

Revolut remsun

#incoherents #desperately trying to get my bank to let me use a virtual credit card to pay credit but failing 😔😔 i am just so tired of living insecurity #soooo grateful to anyone who's helped me though even if i haven't been able to use it to fix everything it matters 🙏🙏#i wish that someone hadnt stolen my car fr #and that my apartment complex wasnt evil #things are bad #schedule #for right before my rent fees go through the roof😬😬#q

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zishuge · 2 months

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The Spirealm 致命游戏 (2024) | Ep. 33

#the spirealm #致命游戏 #kaleidoscope of death #ruan nanzhu #lin qiushi #ling jiushi #huang junjie #xia zhiguang #cdrama #cdramasource #kodedit #userhanyi #*gifs:mine #i just read this part in the book and i'm dying #rnz: WINK WINK WINK #lingling: OH. sure right here's my credit card #rnz: ..........................................#lingling: OH. here's my alipay. no transaction fee!! :) :) :)#BABY.

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odinsblog · 2 months

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For all the time Republicans spend complaining about the economic struggles faced by everyday Americans, they remain steadfast in their commitment to ensuring major corporations can continue squeezing their customers.

Late Wednesday afternoon, the GOP-controlled House Financial Services Committee voted to advance a bill that would repeal a new Consumer Financial Protection Bureau (CFPB) rule that drastically reduces the caps on credit card late fees - from $30-$41 to $8.

The legislation would also repeal the CFPB's ban on automatic adjustment of late fees due to inflation. In the Democratic-controlled Senate, where the bill is expected to fail, a similar repeal measure was introduced by Banking, Housing, and Urban Affairs Committee Ranking Member Tim Scott (R-S.C.) — who has recently devoted most of his energy to fawning over Donald Trump — and co-sponsored by 12 other Republicans.

“Credit card companies penalize consumers with exorbitant late fees that far exceed their actual costs, raking in billions of dollars in profits on the backs of those who can least afford it,” said Chuck Bell, advocacy program director for Consumer Reports, in a statement urging Congress to reject the repeal.

According to Republicans on the committee, however, lowering late fees will “harm consumers by shifting costs to responsible consumers who pay on time in the form of higher annual fees and higher interest rates,” while removing incentives for timely payments.”

An analysis published this week by the watchdog group Accountable.US found that Republicans on the committee have “received over $7.9 million from industry groups against this rule and the largest credit issuers.”

(continue reading)

#politics #republicans #tim scott #late fees #credit cards #credit card late fees #banking #the cruelty is the point #house financial services committee #bank fees #all skinfolk aint kin folk #vote da bums out

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femmeidiot · 2 months

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taxes done ✔️

#and I'm getting money back which I need right now so yay #getting a late fee taken off my credit card hopefully also

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shitty-check-please-aus · 8 months

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sometimes people grant you a great kindness and you go "oh, I'm going to pay this forward sometime in the future"

#I'm selling my jewelry in a local shop #and they're not even going to take a cut of the profits #they're only going to charge me the cost of credit card processing fees #and it's such a wonderful thing to do for someone who's just starting out in an artistic career #and it makes me feel like if I'm ever in this position in the future #I want to pay it forward

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dontmeantobepoliticalbut · 3 months

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The Biden administration announced a rule Tuesday to cap all credit card late fees, the latest effort in the White House push to end what it has called junk fees and a move that regulators say will save Americans up to $10 billion a year.

The Consumer Financial Protection Bureau’s new regulations will set a ceiling of $8 for most credit card late fees or require banks to show why they should charge more than $8 for such a fee.

The rule would bring the average credit card late fee down from $32. The bureau estimates banks brought in roughly $14 billion in credit card late fees a year.

“In credit cards, like so many corners of the economy today, consumers are beset by junk fees and forced to navigate a market dominated by relatively few, powerful players who control the market,” said Rohit Chopra, director of the bureau, in a statement.

President Joe Biden planned to highlight the proposal along with other efforts to reduce costs to Americans at a meeting of his competition council on Tuesday. The Democratic president is forming a new strike force to crack down on illegal and unfair pricing on things like groceries, prescription drugs, health care, housing and financial services.

The strike force will be led by the Justice Department and the Federal Trade Commission, according to a White House statement.

The Biden administration has portrayed the White House Competition Council as a way to save people money and promote greater competition within the U.S. economy.

The White House Council of Economic Advisers produced an analysis indicating that the Biden administration’s efforts overall will eliminate $20 billion in annual junk fees. The analysis found that consumers pay about $90 billion a year in junk fees, including for concerts, apartment rentals and auto dealers.

The effort appears to have done little to help Biden politically ahead of this year’s presidential election. Just 34 percent of U.S. adults approve of Biden’s economic leadership, according to a new survey by The Associated Press-NORC Center for Public Affairs Research.

Sen. Tim Scott, R-South Carolina, criticized the CFPB cap on credit card late fees, saying that consumers would ultimately face greater costs through higher interest rates and less access to credit.

“It will decrease the availability of credit card products for those who need it most, raise rates for many borrowers who carry a balance but pay on time, and increase the likelihood of late payments across the board,” Scott said.

Americans held more than $1.05 trillion on their credit cards in the third quarter of 2023, a record, and a figure certain to grow once the fourth-quarter data is released by the Federal Deposit Insurance Corp. next month. Those balances are now carrying interest on them, which is the highest it has been since the Federal Reserve started tracking the data back in the mid-1990s.

Further, more Americans are falling behind on their credit card debts as well. Delinquency rates at the major credit card issuers such as American Express, JPMorgan Chase, Citigroup, Capital One and Discover have been trending upward for several quarters. Some analysts have become concerned Americans, particularly poorer households hurt by inflation, might be taking on too much debt.

“Overall, the consumer is credit healthy. However, the reality is that there are starting to be some significant signs of stress,” said Silvio Tavares, president and CEO of VantageScore, one of the country’s two major credit scoring systems, in an interview last month.

The growth of the credit card industry is partly why Capital One announced it would buy Discover Financial last month for $35 billion. The two companies, which are two of the largest credit card issuers, are also two companies whose customers regularly carry a balance on their accounts.

This is not the first time policymakers have weighed in on credit card fees. Congress in 2010 passed the CARD Act, which banned credit card companies from charging excessive penalty fees and established clearer disclosures and consumer protections.

The Federal Reserve issued a rule in 2010 that capped the first credit card late fee at $25, and $35 for subsequent late payments, and tied that fee to inflation. The CFPB, which took over the regulation of the credit card industry from the Fed after it was established, is proposing going further than the Fed.

The bureau’s proposal is similar in structure to what the bureau announced in January when it proposed capping overdraft fees to as little as $3. In that proposed regulation, banks would be required to either accept the bureau’s benchmark or show regulators why they should charge more, a method that few bank industry executives expect to use.

Biden has made the elimination of junk fees one of the cornerstones of his administration’s economic agenda heading into the 2024 election. Fees that banks charge customers have been at the center of that campaign, and the White House directed government regulators last year to do whatever is in their power to further curtail the practice.

In another move being highlighted by the White House, the Agriculture Department said it has finalized a rule to stop what it deems to be deceptive contracts by meat processors and to ban retaliation against small farmers and ranchers that work together in associations.

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gibbearish · 4 months

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love getting youtube ads saying "oppose the durban marshal credit card bill, it lets credit card companies STEAL you data!!!" with a big "PAID FOR BY ELECTRONIC PAYMENTS COALITION" along the bottom and then googling the bill and finding out it aims to lower credit card fees and lessen visa and mastercard's monopoly over the credit card world. and just thinking "did they for real. call their lobbying group 'electronic payments coalition' and then think it wouldnt be obvious thats what it is? or that they have ulterior motives in opposing this bill?" like. you couldn't even call it like, the data safety coalition or something to try and make the lie look believable?

#fucking incredible #origibberish #literally the third link about then on google says theyre a lobbying group that represents the interests of big banks and credit card #companies #or sorry you have to google electronic payments coalition members for that to be the third one. whatever it was sourcewatch #w/e the point is that this is literally visa and mastercard shills pretending to care about data safety so they dont have to lower fees

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ceasarslegion · 10 months

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Banks can reverse transactions right because i just did something really stupid by accident after just waking up and it would tank my near-perfect credit score if it remained on my record

#i wanted to pay the rest of my credit card bill after getting paid and accidentally cash advanced my entire credit limit into my account 🫠#how i managed this do not ask me #because i dont know either #and it let me transfer that much back to my card and the cash advance fee would be insane #wont let me*#i figured id just go to the bank in person after it opens and explain what happened #because my record is pristine so this would be very weird behavior from me if done on purpose

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lucidpayments · 1 year

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Why You Should Shop Local for Your Payment Processing

Given everything that’s happened over the last few years, more and more people are choosing to shop local.

This seems to be the trend in pretty much every industry, with merchants and their supporters encouraging people in their area to shop locally.

But for whatever reason, this same sentiment isn’t shared in the payment processing industry.

It really is sad, because smaller local payment processing providers can actually be your best option, especially if you own a small business.

At the same time, smaller businesses like us weren’t insulated from the effects of pandemic restrictions the way the banks and the big box stores were, so having the support of our local community has become more important than ever.

That being said, we feel it’s important to highlight this issue, not just for our own purposes, and those of the businesses we serve, but also for the payment processing industry as a whole.

So, if you’re shopping around for payment processing, and you want to learn more about why local payment processors could be your best option, then you should definitely keep reading.

Because in this article, we’re going to explore why the payment processing industry doesn’t embrace the idea of shopping locally, why that needs to change, and how your business can benefit from choosing a local payment processor.

Why Don’t People Shop Locally for Payment Processing?

Before we get into why this needs to change, and how choosing a local payment processor can benefit your business, it’s important to explain why people don’t shop locally for payment processing.

First of all, we should point out that the payment processing industry is and always has been dominated by banks. And for the most part, banks are multinational conglomerates, which seem to have no allegiance to anything, including their customers.

That being said, the idea that people should shop local is at the bottom of these companies’ lists of priorities because they have nothing to gain from people shopping locally for their payment processing.

On the contrary, banks would rather get rid of this idea entirely, and they’re never going to promote it because that would cut into their business.

So, what ends up happening is most business owners are completely unaware that a local payment processing provider is even an option. And as a result, most of them end up getting their payment processing from a bank without even considering their options.

Simultaneously, many business owners have the erroneous belief that banks can provide better security, or offer a better deal, but this just isn’t true.

If you want to learn more about these falsehoods, you can check out our article on Two of the Biggest Myths About Payment Processing.

Long story short, there are plenty of local payment processors out there, and in addition to being able to offer the same level of security as the big banks, many of them are also able to offer lower prices and significantly better service.

Why Does This Need to Change?

Aside from the fact that the big banks are dominating this industry at the expense of business owners (most of whom are their customers), there are some other reasons why this state of affairs desperately needs to change.

For one thing, if you’re a local business owner, then you’re probably already aware that the more money you spend at other local businesses, the more money those business owners and their employees will have to spend at businesses like yours, instead of the big box stores, and this benefits the vast majority of business owners.

This also allows you to develop mutually beneficial relationships with more local merchants, which helps to unify and bolster the business community in your area.

Our founder, Surge Cumiskey, makes a point of doing this whenever she can, by shopping at her local produce market, for example, instead of going to the big supermarkets.

Another important point to make here is that shopping locally helps to strengthen not just your local economy, but also the Canadian economy as a whole.

Sadly, a lot of our competitors claim to be Canadian, but many of them are subsidiaries of foreign-owned companies that simply operate in Canada, which makes it even more important to be sure you’re picking a payment processor who’s 100 per cent Canadian, like us.

At the end of the day, we all live and work in this economy, so shopping locally, and encouraging others to do so, will indirectly benefit us, as well.

What Are the Benefits of Local Payment Processing?

At this point, you’re probably wanting us to get to the point already and explain how local payment processing can benefit your business.

So, with that in mind, below we’ve detailed several ways that your business can benefit from choosing a local payment processor.

Competition

As we’ve pointed out many times before, Canadian merchants pay an exorbitant amount for their payment processing, with the price being much higher than it is in most countries.

The main reason for this is that the banks have been taking advantage for far too long, benefiting from the fact that many business owners are unaware of how our industry works, and oblivious to the fact that they don’t have to get their payment processing from a bank.

Banks also have massive overhead costs, so the reality is they have to charge as much as they can possibly get away with.

And because banks are basically guaranteed a steady stream of customers, they don’t really have any incentive to lower their prices anyway.

So, if you want to save money on payment processing, one of the best things you can do is choose a non-bank provider.

Because if more and more business owners choose to get their payment processing from non-bank providers, eventually, this will give the banks a run for their money, and they’ll be forced to lower their prices in an effort to be more competitive.

Lower Prices

Believe it or not, nine times out of ten, we’re able to save people money on their payment processing.

But how are smaller local providers like us able to do that?

Well, we can’t speak for the competition, but our policy is to treat every customer on a case-by-case basis, instead of offering a one-size-fits-all service like the banks, which means we’ll take the time to go through customers’ statements to find out where we can save them money.

We also prefer to use what’s known as cost-plus pricing, which means that when credit card companies lower their rates, those savings will always be reflected on your bill, and we’ll never try to take advantage of the situation by padding your bill with “miscellaneous fees” as banks typically do.

What’s more, we don’t have the massive overhead that the banks do, so we don’t feel the need to squeeze every last dollar out of every customer, and we can actually focus on doing what’s in the best interests of our fellow business owners, like helping them to save money.

If you want to learn more about why smaller local payment processors might be able to offer you a better deal, we go into much more detail in our article, Want to Save Money on Payment Processing? Stop Giving Your Business to Banks.

Better Service

If you’ve ever called your bank to ask a question or get clarification on something, you’ve probably experienced the annoyance of being left on hold or being passed around between departments.

When it comes to large corporations like banks, this just seems to be the norm, but when you go with a smaller local provider, there are many reasons why you’re likely to get higher-quality service.

For example, banks have a huge number of customers, so they run their customer service departments like an assembly line, keeping people on hold for hours, pawning them off on chatbots, and doing whatever they can to get them off the phone as quickly as possible.

But when you call our support line, you’re not going to be sitting on hold forever, and in most cases, the first person who picks up the phone will be able to answer your question or resolve your issue.

You’re also going to be dealing with friendlier people who actually care about the best interests of business owners and have a better understanding of what it’s like to own a business.

At the same time, smaller local providers like us can offer you a level of service that you’re just never going to get from a bank.

For instance, depending on where the customer is located, and if it’s feasible for us to get there, we’ll actually send someone to help them hook up their terminal, and ensure they understand everything.

Moreover, while we don’t do tech support on our terminals, as that’s done by the company that provides the equipment, on several occasions, we’ve even gone down to a business’s physical location, helped them to phone the support line, and made sure that the problem was resolved.

And this is the kind of personalized service that you’re never going to get from a bank.

Are you looking for a local provider to help you save money on your payment processing? Give us a call today to learn more about what we can do for you.

#payment processing #credit card fees #business tips

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