Contactless Payments
Term – Contactless Payments
Summary – Phones with Near Field Communication (NFC) capabilities can take advantage of contactless payments. Ever see someone tap their phone on a terminal? That is contactless payments. However, the merchant must have compatible equipment.
Some of the major providers of contactless payments are Google Pay & Apple pay. These transactions are also considered card-present transactions which comes with more attractive rates for traditional merchants. Cash discount programs cost the merchant $0.00 for accepting contactless payments.
Additional Contactless Payment Information
Contactless payments made through Apple Pay and Google Pay involve a specific type of merchant processing designed to facilitate transactions conducted using these mobile wallet platforms.
Both Apple Pay and Google Pay use Near Field Communication (NFC) technology to enable contactless payments, and merchants can accept these payments by ensuring their point-of-sale (POS) terminals are equipped with NFC capabilities.
Contactless Payments Steps:
- Apply Pay or Google Pay Setup
- Customer Payment
- Transaction Authorization
- Tokenization
- Transaction Completion
- Funds Settlement
If you have any questions on how Eliminate Card Fees can help you take contactless payments, give us a call to learn more at 877-624-8043
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