Had a question come up about it was surprised when I discovered that one of our clients does not use it.
Visa payWave is the latest in contactless technology. What it allows you to do is for transactions under $100, for a customer to just wave their Visa card in front of an EFTPOS reader and go and there's no need for a signature or pin. Currently the supermarket group Coles reports that over half of all its credit-card transactions are now made using this contactless payment method. It must be really hurting EFTpos.
The advantages are
- It saves time at the counter because it is faster.
- It’s more convenient as people do not need to carry cash.
- The card doesn’t leave the clients hand at checkout.
- You don’t have separate papers for people to sign anything.
One point you should be aware of is that all PayWave/Pass goes through the Visa or Mastercard network and are treated as a credit transaction no matter what card is actually linked to. As such you the merchant is subject to Visa/Mastercard fees.
Since such a high percentage of customers are using it, I do suggest that you do look into it. I would suggest if you do not have it to check with your EFTpos supplier, here is a picture of what such a unit looks like from tyro.
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