Benefits of Switching to a Contactless Payment System

Benefits of Switching to a Contactless Payment System

January 11, 2024 Calculating time...

Understanding the Shift Towards Contactless Payment

With the growing popularity of contactless payments, businesses and consumers alike are reaping the benefits of a swift and secure transaction experience. The advent of this seamless and convenient payment method has transformed how businesses facilitate transactions, creating a fast, efficient, and smooth purchasing experience for customers.

A contactless payment system harnesses the power of radio-frequency identification (RFID) or near-field communication (NFC) technology. This state-of-the-art innovation allows customers to make a purchase simply by tapping their chip card or locating their mobile device near a payment terminal.

Payment methods have fascinated us since the inception of bartering and primitive counting devices. From the once ingenious methods involving threads and counting beads to the development of coins, bank notes, and cheques, and then on to the bank and credit cards of recent commerce, humankind has undertaken impressive leaps in mechanizing monetary-transfer practices. Today, we find ourselves experiencing another commercial revolution where a single technology known as the contactless payment need only be engaged to complete an exchange. This new transaction mode is revered for its speed, accuracy, and convenience.

In Canada, the rapid transition to the contactless payment method isn't a mere passing trend. It's quickly becoming the preferred payment method, precisely aligning with modern consumers' growing demand for quick, simple, and secure transaction processes.


The Rise of Contactless Payments

The Rapid Growth of Contactless Payments in Canada

We’ve recently witnessed a tremendous rise in Canadian contactless payment transactions. According to Payments Canada, an impressive 74% of Canadians now prefer the tap-to-pay method - a revealing statistic that reinforces the popularity of this highly-valued payment process. It should be noted that the surge in contactless payment adoption is due in part to the stress created by the COVID-19 pandemic, which accentuated the need for safe payment methods.

How a Contactless Payment System Works

Reducing a contactless payment system to its core involves leveraging RFID or NFC technology to establish a communication line between the customer's payment device and the merchant's payment terminal. Once the customer's device is within close proximity of the terminal, the payment information is swiftly transmitted, and the transaction is completed in less than a second. This is a prime example of business efficiency!

Convenience and Speed

One of the standout benefits of contactless payment systems is their breathtaking impact on transaction times. Forget about the cumbersome process of inputting PINs or signing off receipts—just tap, and voila, the transaction is completed. This rise of 'tap and pay' offers customers a swift, seamless checkout experience that is second to none.


Enhanced Security

Contrary to popular misconceptions, the convenience offered by contactless payment doesn't mean security is compromised. In fact, the reality is quite the opposite. Contactless payments utilize sophisticated security mechanisms such as encryption and tokenization to ensure the rigorous efficiency of transferred data. This makes contactless payment systems significantly more secure than traditional payment methods.

Improved Customer Experience

Adopting a contactless payment system can totally elevate the customer experience. These systems, famed for their speed and ease of use, help reduce long queues and wait times at checkout points, thereby making shopping a more enjoyable and stress-free experience - especially for time-challenged customers. As a business, keeping pace with consumer trends through the integration of these systems can help meet ever-evolving customer expectations to ultimately remain competitive in an increasingly aggressive marketplace.

Making the Switch to a Contactless Payment System

Choosing the Right Contactless Payment Provider

When mulling over the decision to switch to a contactless payment system, certain factors warrant careful consideration. These include transaction fees, setup costs, quality of customer support, and the system's integration capabilities with your existing infrastructure. At Moneris, we intimately understand these needs and offer holistic, tailor-made solutions designed to cater to businesses, irrespective of their size.

Implementing Contactless Payments in Your Business

Integrating contactless payments into your business operations may seem intimidating at first, but with the right provider, this transition can be smooth and hassle-free. Key steps in the process include installing the necessary hardware, integrating new equipment with your current point-of-sale (POS) system, and ensuring that the system supports all forms of contactless payment, including cards, smartphones, and wearables.

However, the transition is about more than just the technical aspects. It's equally important to train your staff on the new system, ensuring they can confidently assist customers and address questions that arise. Additionally, communicating the shift to your customers is crucial. Explaining the benefits and security features can help reassure them and encourage acceptance of this new payment method.

Embracing the Future of Payments

Switching to a contactless payment system offers a variety of benefits that are tough to ignore. From speed and convenience to enhanced security and improved customer experience, these systems offer a well-rounded solution to meet the modern consumer’s evolving preferences. As the commercial world continues to move at a breakneck speed, businesses need to stay abreast of changes and adapt accordingly. Making the switch to contactless payments is not just about embracing a trend—it's about being ready for the future of payments - period.


Ready to experience the revolution that is contactless payment? Moneris is here to facilitate your journey. Our team of experts is ready to provide you with more information or help you initiate the transition to a contactless payment system. Contact us today. Discover how we can empower your business to thrive in the new era of digital payments. With our cutting-edge payment systems, you can be confident that the future of your business is in capable hands.

At Moneris, we understand that as a business owner, it is important for you to be able to focus on running your operations as smoothly as possible.  

Our contactless payment solutions are designed to help you increase your income and achieve success. We believe you deserve products that are always connected and consistently perform at a high level, just like your business. 


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