Contactless payment is a simple and easy process that has made life so much easier for so many of us! But how do you go about setting up contactless payments when it comes to a small business?
In this article, we are going to be taking a look at how exactly you can go about doing this, as well as a general look at contactless payments too. Also read this article on how to choose a credit card processing company when y are done with this one.
Let’s get started.
Contactless Payments – How Do They Work?
As mentioned earlier, contactless payments are the new method of payment. They are becoming increasingly popular because they are easy to use and quick to process. In fact, it takes less than 30 seconds to complete a transaction using contactless payments.
When someone taps their card on a contactless reader, the reader sends a signal to the terminal. This tells the terminal to deduct the amount of money being paid from the customer’s credit or debit card.
Then the terminal automatically displays the total amount due and asks if the customer would like to continue.
This is how contactless payments work. However, there are some things you need to know before starting to use them. First, contactless cards must be enabled in order to make payments. You can enable these cards by visiting your bank’s website.
Next, you will need to ensure that your terminals accept contactless payments. To do this, you will have to download an app onto your smartphone.
Finally, you will need to install contactless readers at each point of sale (POS) location. Each POS has its own unique code. Therefore, you will need to set up a separate reader for each one.
The best thing about contactless payments is that they are safe and secure. There is no risk of fraud since the customer does not have to enter any personal information.
Also, the system works 24 hours a day, seven days a week. So, whether you are running a restaurant, a shop, or even a gym, contactless payments are perfect for businesses.
The downsides of contactless payments are that they only work when you tap your card on a reader. If you don’t have a reader near you, you won’t be able to pay with contactless. Also, you will not be able to use contactless payments if you don’t carry a compatible card.
For example, you cannot use contactless payments if your card doesn’t support the technology. Finally, contactless payments aren’t available everywhere yet.
However, as long as you keep these points in mind, you should find contactless payments very useful.
How To Set Up Contactless Payments For A Small Business
Setting up contactless payments for a small business is actually very straightforward. The first thing you will want to do is set up an account with your bank. Once you have done this, then you will need to register your business online.
After registering your business online, you will then need to link your bank account to your business account. Finally, you will need to add your business details to your merchant account. Now let’s take a closer look at each step.
Step 1: Register Your Business Online
The first step is to register your business online with your bank. When you do this, you will need to provide your business name, address, email address, telephone number, VAT registration number, and any other information that may be required. If you already have a website, you can also include this information here.
Once you have registered your business online, you should receive a confirmation email from your bank. This will contain your login credentials for your bank account.
Step 2: Link Your Bank Account To Your Merchant Account
Once you have logged into your bank account, you will need to log into your merchant account. This is where you will find the details of your merchant account. Here, you will need to enter your username and password, along with your bank account number.
You will also need to confirm that you wish to link your bank account with your merchant account. Once you have confirmed this, you will then be able to view your current balance.
Step 3: Add Your Details To Your Merchant Account
After linking your bank account to your merchant account, you will need your business details added to your merchant account. This means adding your company name, address, telephone number, email address, and any other relevant information.
If you already have a website for your business, you can also add this information here. Finally, you will need to verify your identity once more.
Now that you have completed all three steps, you should be ready to start using contactless payments with your small business.
Best Contactless Payment App For Small Businesses
In order to make sure that you get the most out of contactless payment technology, it is important that you choose the right app.
In fact, there are many different options available today. However, some apps are better than others. So, which one is best?
Here are our top picks:
1) Apple Pay
Apple has been pushing forward with its own mobile payment system called Apple Pay. It works on both iOS devices and Macs.
You simply download the Apple Wallet app onto your device and then scan your card or use Touch ID to authenticate.
2) Google Pay
Google Pay is another popular option when it comes to making contactless payments. Just like Apple Pay, Google Pay allows users to pay for items by scanning their credit cards or entering their phone numbers.
3) Samsung Pay
Samsung Pay is yet another great way to make contactless payments. All you need to do is install the Samsung Pay app onto your smartphone and then scan your card.
PayPal is an established player in the world of online payments. It offers several ways to make contactless payments through its app. For example, you can use PayPal’s new Express Checkout feature.
Simply visit the checkout page on your site and click the button that says “PayPal Express Checkout.” Then, follow the prompts to complete your transaction.
5) Square Cash
Square Cash is a very simple app that makes it easy to accept payments from customers. The app is free to download and use. After installing the app, you simply open it up and create a virtual terminal. Then, you can set up your pricing structure and take payments via contactless methods.
Contactless payments are becoming increasingly popular among consumers as well as businesses. As such, it is important to know how to set them up correctly.
Fortunately, we have covered everything you need to know about setting up contactless payments for your small business!
However, if you need more direction, check out our payment processing knowledge base.
Paul Martinez is the founder of EcomSidekick.com. He is an expert in the areas of finance, real estate, eCommerce, traffic and conversion.
Join him on EcomSidekick.com to learn how to improve your financial life and excel in these areas. Before starting this media site, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.