Need to Accept Contactless or Card Not Present Payments? Apriva Can Help.
In today’s world, smart businesses stay modern by accepting contactless – and sometimes card not present – payments. Contactless payments are fast and convenient, limiting the time customers spend entering pins, signing receipts, leading to shorter checkout lines and faster service. Card not present payments take this a step further, allowing customers to pay without ever showing a physical card at all!
Here are all of the ways Apriva can hep you stay competitive with contactless and card not present payments.
Card Not Present Payments
A “card-not-present” (CNP) transaction is one that is conducted without a customer having to physical expose a credit or debit card, or payment information, in person. One way to accept card not present payments is through card data tokenization. While all Payment Gateways have to encrypt data (aka hide data), Apriva can also tokenize (or de-value) data. Tokenization means we’re not only protecting stored “card on file” or “card not present” data so customers don’t have to use their physical cards at all, but we’re also securely authenticating that data so the merchant can process payment without accepting a physical card. The latest in payment tokenization provides an even safer and more efficient payment experience for merchants and customers. Apriva offers both standard encryption, and “card on file” tokenization.
The benefit to your customer is card tokenization reduces the number of times they have to expose and use their card. The whole purpose of “card-not-present” tokenized payments is to not have to show your card at all and to use a different method for payment.
The benefits to merchants include a super-fast and super-secure payment process that does not require the presence of a physical card, and often is self-service and does not require employee involvement. Another benefit is that in today’s world, consumers expect to be able to pay any way they want.
Contactless payments are when a customer taps their EMV-enabled chip card, or NFC enabled mobile wallet or wearable device, over a contactless-enabled payment device. This method of payment has become extremely popular with 1 in 5 in-person transactions being categorized as contactless.
“Card-Not- Present “ payments came from a need for more security than magnetic-stripe cards, which carry the information associated with your bank account right in the stripe. The benefit today is they don’t require any physical contact between a customer’s smartphone or credit card and your POS, allowing you to avoid passing payment cards back and forth.
Apriva allows you to send digital invoices via SMS or Email, which can be used to collect payment after service is rendered, or even for regular goods and services in order to allow customers to pay without presenting their card data, buy now pay later, even pay ahead and then pick up their goods from your location. Customers can pay you electronically, without having to interact with you or your POS in person. If you’re taking phone orders, invoicing is a great way to bill securely rather than collecting payment information over the phone.
Recurring or Subscription Payments
Apriva also supports recurring or subscription payments utilizing our card on file tokenization technology. Recurring payments are used when a consumer agrees to pay for a product or a service at specific intervals over a certain period of time. For example, health club memberships, insurance premiums, utility bills, and subscription fees occur predictably over time. The recurrence may be fixed with pre-determined renewal periods (e.g. magazine subscription) or perpetual (e.g. telephone bills) and can occur monthly, quarterly, or annually. The periodic payments may be equal or may vary based on the characteristics of the sale. Recurring payments can increase payment timeliness, reduce processing costs, and lower the risk of error due to manual entry.
You might be unable to access your payments hardware or have transitioned away from in-person payments all together. A virtual terminal is another option, perfect for over-the-phone or other remote billing needs. Hosted online, a virtual terminal turns your computer into a credit card terminal. Apriva’s Any Way Mobile Lite product provides Virtual Terminal payment acceptance without any monthly fees! Click here to learn more.
Contactless Payment Trends
From QR Codes to Mobile Wallets, Contactless Payments are being embraced by businesses.
Customer expectations are changing, and businesses are adapting. All shoppers want options for payments. Businesses with contactless options make shopping more enjoyable. The smart business will accept any way customers want to pay. Just like in today’s world the smart business will communicate with customers any way they want to communicate (phone, email, chat, text, etc…). Our ability to do card tokenization means we can support QR code payments. However, if you want QR code payments, you will source the technology for the QR codes and Apriva can support with the card tokenization on the gateway side.
Contactless payment options can come in many forms, from mobile wallet payments to tap-to-pay transactions. These payments don’t require any physical contact to complete a purchase. Both retailers and restaurateurs have adopted a range of contactless options that not only make the shopping experience touchless but shorten wait times to check out as well.
Contactless payments and “card-not-present” transactions are both on trend. Businesses are expanding their payment options to meet customer preferences for digital payments, both contactless in-store and flexible choices online. In 2021, 38% of merchants reported expanding their digital payment options. This momentum is poised to grow at an accelerated rate in 2022 when 53% of merchants expect to accept more digital payment options over the year. We all know, the investment in digital customer experiences begins with payments.