Studies show that contactless payment transaction has almost doubled during the first three months of this year in terms of total number of transactions. The increase in contactless payment transaction is for major shopping malls like supermarkets and drug stores. More retailers are using these machines to take payments rather than using cash. This may cause a change in how transactions are processed and how businesses are paying their bills.
There are three types of these machines: The first type is the Point of Sale system or POS. These machines are equipped with a touch screen display and it can be programmed to accept contactless payments through a credit card or a smart phone. The second type is the electronic terminal or ETS.
The electronic terminal or ETS is similar to an ATM but it is small and compact. It can accept contactless payments through a smart phone, credit card or debit card. Another option is the contactless credit card machine.
With this credit card terminal, you can easily swipe your credit card and get your money instantly. If you don’t want to swipe the card, it works as a magnetic reader too. These machines are convenient and easy to use.
Another benefit of the contactless payment is that there are no delays and errors. You don’t need to wait for your check to clear before the money is credited to your account. It also allows you to make purchases without going out of your way.
The contactless cards are becoming a popular way of making payments and getting discounts. There are many retailers who provide these devices for discounts and offers.
Some of the merchants who offer the contactless cards include CVS and Publix. They offer a variety of discounts and coupons. You can even purchase CVS Platinum or Publix gas cards online. They are available in a wide variety of colors, designs and brands.
The plastic card is usually linked to your account and it is easy to access your balance. from any computer with a credit card. There are certain merchants who allow you to get discounts and free products if you use their card at certain stores.
Card companies charge a monthly transaction fee depending on the amount of credit card used. However, it is still cheaper than using cash. The fees vary based on the company. Most cards have an annual fee.
A lot of people prefer to use plastic rather than a credit card because of the convenience it gives. It makes it easier for them to carry it with them at all times. This card is not only used to make purchases but can also be used to pay other expenses. For example, a business card can be used for travel costs.
Even if you don’t have a credit card, you can still make purchases and save money by using the electronic card. There are merchants who accept cards that you can insert in a slot or keypad when purchasing something. These are called EFT. EFT is very convenient because you can also pay using a card without using cash.
A chargeback occurs when you receive a refund for a credit card transaction. Chargebacks occur when the credit card issuer reports your card as being used for transactions you didn’t authorize.
When your chargeback happens, your credit card is automatically deducted from your bank account. As a result, your bank will send a bill to the card company. You are expected to make a deposit to cover the charges. The banks usually charge a late fee as well.