Due to the global Covid-19 pandemic, the need for a safer and more convenient way to make purchases has risen, and small businesses everywhere are gradually making the switch to accepting contactless payments to fulfill this need.
Most consumers and businesses are aware of this form of payment, however, Investopedia defines a contactless payment as, “A secure method for consumers to purchase products or services using a debit, credit, smartcard, or another payment device by using radio frequency identification (RFID) technology and near- field communication (NFC).” So, with a tap of your payment card or your phone, you can make purchases on NFC point-of-sale devices.
It also has more advantages than stopping the spread of bacteria during this Covid-era. Due to the encryption technology, this form of payment is more secure than other forms of payment and protects your business against fraudulent purchases. Which means less disputes. There are also no extra processing fees when accepting contactless payments.
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