How to accept contactless payments in a physical store ?
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Adopting contactless payments isn’t just an upgrade, it’s a must now.
With nearly 80% of global consumers now using contactless payments and tap-to-pay transactions growing 30% year over year.
Whether you're running a retail store, restaurant, or service business, enabling NFC payments means faster checkouts, increased sales, and more 5 stars reviews from your customers.
This article will show you what contactless payments are, how to accept them with Silkpay’s solutions, and the key advantages they bring to both merchants and customers.
What is contactless payment ?
NFC payments represent a cutting-edge technology in the field of financial transactions.
They realize contactless transactions by Near Field Communication (NFC)
These payments are facilitated through wireless data transmission between compatible payment terminals and NFC-enabled devices (smartphones, smartwatches, or payment cards).
When these devices are within a few centimeters of each other, a secure connection is established, and then form the rapid and encrypted transfer of payment information.
For merchants, this technology offers a unique combination of speed, security, and scalability, making it an ideal choice for high-traffic environments and large-scale operations.
How to accept contactless payments with Silkpay?
Accepting contactless or NFC payments with Silkpay is quick and easy.
Whether you use a POS machine or a SoftPOS on the Android phone, our solutions help businesses of all sizes process payments smoothly and securely.
POS machine
Silkpay offers you the latest POS machine, the Pax A920 Pro !
Our contactless payment solution of this POS machine allows you to receive card payments, like Visa, Master, UnionPay cards, and e-wallets, like: Apple Pay, Google Pay.
It’s ideal for retail stores, restaurants, service providers, businesses on the move no matter what is the size of the business.
SoftPos
SoftPos is a technology that turns your smartphone into a payment terminal.
With Silkpay SoftPos solutions, you can accept Visa, Mastercard and UnionPay cards in your Android smartphone.
To get started, you'll just need to register for an account with Silkpay. Once your account is set up, you'll receive your login credentials, and then you can start accepting payments through SoftPOS right away.
You can check our step-by-step guide on how to take card payment via SoftPOS.
Why your store needs to accept contactless payments
Simplicity and versatility
Contactless payments make transactions effortless.
With just a tap of a smartphone, smartwatch, or contactless card, payments are completed in seconds, there is no need for cash, swiping, or inserting a card.
This convenience extends far beyond retail, as NFC technology is now widely used for public transport, event ticketing, and even peer-to-peer payments.
Merchants can integrate contactless payments in-store without requiring bulky hardware to have a payment experience across multiple industries.
Security
Security is a top priority when it comes to NFC payments.
Every transaction is protected by advanced encryption, to make sure that sensitive data remains secure.
Even if intercepted, the encrypted information cannot be accessed by fraudsters.
Additionally, NFC payments use dynamic authentication, which means it generates a unique, one-time code for each transaction. Therefore, it can significantly reduce the risk of fraud.
Many NFC-enabled devices also support biometric authentication, such as fingerprints or facial recognition, which adds an extra layer of protection for both merchants and consumers.
Faster transaction
One of the biggest advantages of contactless payments is speed.
Transactions take 30% to 50% less time compared to traditional card payments, so it minimizes waiting times and improves checkout efficiency.
For merchants in high-traffic environments, such as retail stores, restaurants, or public transport systems, this speed translates into a better customer experience and improved operational flow.
Faster payments mean shorter queues, happier customers, and increased sales potential.
Empowering the customer
Contactless payments give customers control over how they pay, whether it's through a mobile phone, smartwatch, or contactless card.
This flexibility ensures that customers can choose the method that suits them best, and enhances their overall shopping experience.
For merchants, offering contactless payments isn’t just about keeping up with technology, it’s about meeting customer expectations for fast, convenient, and secure transactions.
By embracing contactless, merchants create a more engaging, hassle-free payment experience that keeps customers coming back.
Conclusion
Contactless payments are transforming the way businesses handle transactions, offering a perfect blend of speed, security, and convenience.
By adopting NFC payment solutions, merchants can streamline operations, enhance customer experience, and future-proof their payment processes. As contactless payments continue to evolve, integrating NFC into your business ensures that you stay ahead in an increasingly digital marketplace.
Whether through the Pax A920 Pro or SoftPOS, Silkpay' solution provides flexible options to meet your business needs.
About the author: Silkpay
Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe and the Americas accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.
Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.
Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.
Source
https://www.mastercard.com/news/insights/2020/contactless-consumer-perceptions/