You have seen the commercials, right? The customer simply taps the payment device with a Visa card and all of the sudden the purchase is complete. No more pushing your credit card into the little slot and making sure it is in far enough, but not too far. No more swiping your credit card and hoping the magnetic strip is not damaged. Simply tap and go. It looks like convenience just go even more convenient, right? So what is this Visa “Tap to Pay” and how does it affect you, the retailer?

What is “Tap to Pay”

“Tap to Pay” is a new campaign involving Visa’s new credit card. Next to the chip on these enabled cards is a volume symbol.tap to pay Because the card has this symbol, it actually needs no contact with the point of sale system and can be registered by a simple tap for the system to read the card. This is called a contactless payment. It is very similar to the way in which customers can pay through Samsung Pay, Apple Pay, and other electronic payment methods.

The Equipment for “Tap to Pay”

“Tap to Pay” is not a new concept. As mentioned, the concept is already in use for Samsung Pay and Apple Pay. However, no credit card, until now, has used this system. That being said, most merchant service systems are designed for this type of service already because many retail locations are happy to take mobile payments, they have purchased merchant service equipment that is designed and enabled for a “tap to pay” like transaction. For those merchants not accepting mobile payment options, equipment will need to be updated. The reality is that over 60% of retailers already have equipment that can be used for “Tap to Pay.” The issue is activating the systems to accept these payments, which is easy and typically only takes a phone call, if that.

However, if you are in the 40% of retailers that are not enabled for “Tap to Pay,” it is time for a conversation with your merchant services provider. The equipment may require a small upgrade to change how you allow customers to pay for items they buy in your store. The reality is that customers want convenience. Whatever makes the transaction easier and faster is the way the customer will want to pay. By not offering “Tap to Pay” options, you may be alienating customers that want to buy the products you sell. To learn more about upgrading your system to allow for contactless payment options, contact Tanker Consulting Services today.