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The Pros and Cons of Contactless Payment

The Pros and Cons of Contactless Payment

With the emergence of new kinds of technology nowadays, transaction processing in North Carolina is becoming more and more dependent on online services. Many companies are slowly allowing their customers to pay using contactless payment for their purchases. At the same time, the younger generations are typically the ones who are open to and are frequently making this type of payment.

How do I make a contactless payment?

With contactless payment, you just have to wave your card at a payment terminal. You do not need to insert a card to a machine, type your PIN to proceed with a transaction and sign the receipt afterward. Payment is done without any type of contact.

While contactless payment and other payment processing solutions in Wilmington, North Carolina are designed to make it convenient for customers to make payments, knowing the pros and cons of such solution is necessary. This way, you can find out whether it is the best option for your situation or you can take advantage of another option.

  • The Pros
    1. Convenience

      Contactless payment only needs your card or your smartphone. You do not need to input your PIN nor sign a receipt just to make your payment. As such, it offers the convenience that you may not enjoy with debit or credit cards or cash.

    2. Time-efficient

      Since all you have to do is wave the card or the phone, it saves you time in making a payment.

    3. Security

      Since contact is not established, contactless payment is a secure mode of payment. At the same time, the technology used in this situation, NFC technology, utilizes data encryption when transmitting sensitive personal info. This lessens the likelihood of your valuable information being stolen by hackers.

    4. No Typo Errors

      You do not have to worry about forgetting your PIN number since you do not need it anymore.

  • The Cons
    1. Limited Availability

      A lot of customers are still not educated on how this solution as well as how newer cash management solutions work. Others are skeptical. Many companies are still not adapting this technology.

    2. E-Payment App on Phone

      This technology is only available for those who have e-payment apps downloaded and installed on their phones.

    3. Fixed Limit per Transaction

      The limit per transaction set by the bank cannot be changed by the consumer.

    4. Compromised Account

      If you lose your credit card, hackers can easily access your account since they do not need to enter a PIN.

Infinity Payment Systems helps you identify which payment solutions are best for your business and for your customers. Call us today!

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  • I was previously with a national card processor. I thought I had received the absolute best rate and terms. That is until I met Kyle and his wife in my store one day. He was not pushy or high-pressured but said he would be more than happy to review my plan that I had just signed on to. Not only did he beat my 'best' rate from the national company, he offered me personal, local customer service you just can't get anywhere else. Although this is professional company, I truly was made to feel like I was part of the family. From day one, Kyle and his father made sure that every question I had was quickly and properly answered. They went out of their way to make me feel like I was their best customer. I will recommend this company to anyone at any time. If you have a question, feel free to message me. I believe these guys to be the best in the business and look forward to many years of a satisfying business relationship with them. Thanks Infinity! Lou's Flower World
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  • We highly recommend Duane and Infinity Payment Systems. He is local, and in addition to great rates, he offers awesome customer service Capital Auto Repair & Service
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6622 Gordon Road, Wilmington, North Carolina 28411
Phone Number: 800-706-7591 | info@infinitypaymentsystems.com

Infinity Payment Systems is a registered ISO of Wells Fargo Bank, N.A, Concord, CA.