March 6, 2021 Ultimate News Hub

Banking During COVID: How Contactless Payments Are Revolutionizing Business Operations

Many banks have reduced their operating hours or closed branches due to the COVID pandemic, which can make it harder for business owners to deposit cash and check sales into their merchant accounts. If you’re pressed for time to leave your location to make sales deposits, you’ll appreciate the benefits of a contactless payment system. So will your customers.

Companies such as Clover Business Solutions have been designing, upgrading and selling credit card processing units that provide hands-free payment methods. With easy and safe contactless transaction options, a POS system serves as a hassle-free approach to social distancing, provides your customers with a better purchase experience and saves you trips to the bank. By connecting a point-of-sale system to your merchant bank account, transferring funds also becomes effortless.

Speedy, Safe and Friendly Transactions

Shoppers and diners with cabin fever from COVID distancing appreciate retail businesses and services that enable them to feel safe and comfortable; it’s an incentive to return. When it comes to paying for services or products, a slow and tedious checkout process can translate into an unpleasant experience. Smart managers are modifying their operations by using a portable credit card reader to steer customers away from crowded lines. Restaurant staff, for example, can quickly accept a payment at a take-out customer’s car window.

Remote and Off-Site Electronic Check Acceptance

One of the advantages of using mobile banking services includes scanning paper checks from your customers with your phone or tablet. After taking a picture of the check’s front and back, the app can deposit the check into your business bank account remotely. The Clover flex terminal has features similar to a mobile banking app. The difference between a bank’s app and a Clover POS is that check payments can be accepted electronically through your unit. There’s also no need for customers to write out a paper check when they can input their banking account information into your online or physical terminal.

Digital Wallets Make Contactless Transactions Safe and Identifiable

COVID has propelled technologies providing new transaction services to replace those traditionally offered by financial institutions. Apple and Google now offer users a digital wallet to store credit cards and bank accounts in one centralized location. Because a digital wallet has already verified the user’s identity, there’s no need to enter a personal identification number, which makes for a quick transaction. Contactless digital wallet payments are made by one touch on a user’s mobile phone, tablet or smartwatch. The user’s information is then transmitted to your POS unit without the need to physically touch a POS terminal. In the case of retail customers, they can pay for goods or services from a distance while you remain confident that the money has safely transferred.

Contactless Transactions Benefit Both Customers and Business Owners

If you’re like many business owners searching for the best way to implement or improve a contactless checkout system, consider a portable credit card reader. By not requiring customers to come to a checkout area to pay, you can streamline the sales process and provide customers with a better on-location experience. You’ll also appreciate handling less cash and making fewer trips to the bank to get your sales income into your merchant account.

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