If you’re not offering contactless solutions or online ordering to your current book of business, what’s holding you back?
By: Angela Carranza, Manager, Strategic Partnerships, First American Payment Systems
As recently as 2018, contactless payment technology was in its infancy in the United States, with just 0.18%* of POS transactions being contactless. While safety fears surrounding the coronavirus quickly boosted the need for contactless solutions, it is convenience that continues to drive business and further demand for the technology.
Today, an estimated 38% of consumers believe a contactless payment function is a necessity for their payment cards. And major card issuers agree, as all have adopted contactless technology across their portfolio of products, allowing consumers to use their chip to tap and go.
Becoming tech savvy
These shifts in mindset and functionality are sending a clear message to business owners everywhere – consumer demand for e-commerce and contactless payment convenience has never been greater. Consider these findings from the Visa Back to Business Study: 2021 Outlook reports that 82% of SMBs have changed how they run their business, with 43% proactively selling products and services online, and more than 56% of consumers using contactless payments whenever possible in the first three months of 2021.
Is your payment partner keeping up?
First American offers numerous contactless payment solutions and has expanded its technology stack to include multiple ecommerce solutions. The ISOs that have embraced this technology are profiting.
Delivering value through convenience
The good news for merchants is that these solutions are affordable. Conversion is easy; most POS terminals can process contactless payments and building an online store with hosted payment forms is easy—no coding skills needed. Contactless transactions are quick, as much as 10 times faster than other payment methods. It’s also a win for business owners, as they can serve customers wherever patrons are buying goods and services, and they can do so with less operating expense.
Now is the time for your ISO to get in front of business owners who have yet to adopt e-commerce and contactless payments. To do that well, and to keep the merchant with your ISO for years to come, takes much more than a one-call close. It requires a payment technology partner who delivers solutions that save money, save time, and make it as easy as possible for merchants to safely—and securely—sell goods and services.
First American is that partner. Let’s talk.
First American Payment Systems (First American by Deluxe®) is a leading payment technology company that provides powerful in-store, online and mobile payment solutions paired with the latest in payment security and backed by superior customer service. https://www.first-american.net
* 2018 study by A.T. Kearney