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Main Subject - Contactless Payments Merchant Accounts
Consumers don’t like carrying cash but are wary of handing over a credit card because of the risk of credit card fraud. But what’s the alternative?
Contactless payments.
The next generation of electronic payment, contactless payments don’t require the customer to hand over their card. The whole transactio
Contactless payments.
The next generation of electronic payment, contactless payments don’t require the customer to hand over their card. The whole transactio
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
n is completed electronically, and their card never leaves their hand. It’s faster, easier and much more secure.
But what about the merchant? Should cash-heavy merchants rush into setting up a contactless payments merchant account? The answer is a resounding yes! Contactless payments merchant accounts deli
But what about the merchant? Should cash-heavy merchants rush into setting up a contactless payments merchant account? The answer is a resounding yes! Contactless payments merchant accounts deli
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
er even greater benefits to merchants than it does to consumers. Read on to find out how.
What is Contactless Payment?
Contactless payments merchant accounts are the third generation of electronic payments. (The first generation was the old plastic credit card, and the second was the magnetic stripe card.
What is Contactless Payment?
Contactless payments merchant accounts are the third generation of electronic payments. (The first generation was the old plastic credit card, and the second was the magnetic stripe card.
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
Merchants with contactless payments merchant accounts enable customers to use their credit cards for purchases without ever handing their card over. Contactless payments merchant account transactions use one of the following methods:
• Contactless readers;
• Retailer cards/fobs;
• NFC (near
• Contactless readers;
• Retailer cards/fobs;
• NFC (near
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
field communication) enabled cell phone payment software; or
• Back end processing/over the air payment software.
Customers love it!
Research shows that 86% of consumers want to carry less cash, and most carry less than $20. (Survey was conducted in 2005 by lpsos and commissioned by MasterCard). Th
• Back end processing/over the air payment software.
Customers love it!
Research shows that 86% of consumers want to carry less cash, and most carry less than $20. (Survey was conducted in 2005 by lpsos and commissioned by MasterCard). Th
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
y’re growing more comfortable using credit, but they’re still quite worried about security issues when handing over their card. In fact, 91% of likely users would feel more secure if they were allowed to hold their payment card through their entire payment process.
And then there’s ease of use, speed and c
And then there’s ease of use, speed and c
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
nvenience. Nationwide, almost 75% of respondents refuse to wait in line longer than five minutes for a purchase of less than $25, and more than 25% refuse to wait longer than just two minutes.
So how does contactless payment compare in terms of speed? Very well, in fact… It takes only 1/3 to ? of the time
So how does contactless payment compare in terms of speed? Very well, in fact… It takes only 1/3 to ? of the time
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
of the average cash or traditional credit card transaction:
• CVS Pharmacy Average Cash Transaction = 33.7 seconds
• Average Card Transaction (w/o Signature = 26.7 seconds
• Average RF Transaction = 12.5 seconds
So contactless payments increase customers’ sense of security and decrease h
• CVS Pharmacy Average Cash Transaction = 33.7 seconds
• Average Card Transaction (w/o Signature = 26.7 seconds
• Average RF Transaction = 12.5 seconds
So contactless payments increase customers’ sense of security and decrease h
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ted wait-times. It’s no surprise, then, that customers love it!
And the growth rate of contactless payments merchant accounts shows it. According to Brian Triplett, senior vice president for emerging product development-Visa USA, “The adoption rate is the fastest we’ve seen for any new technology. I do ex
And the growth rate of contactless payments merchant accounts shows it. According to Brian Triplett, senior vice president for emerging product development-Visa USA, “The adoption rate is the fastest we’ve seen for any new technology. I do ex
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ect we will continue to see significant growth; whether it’s double or triple we’ll have to wait and see.”
What are the Benefits for Merchants?
The most obvious benefit for merchants in having contactless payments merchant accounts is that consumers love it, so they’ll use it more often and spend more.
B
What are the Benefits for Merchants?
The most obvious benefit for merchants in having contactless payments merchant accounts is that consumers love it, so they’ll use it more often and spend more.
B
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
t the benefits don’t end there. Contactless payments merchant accounts also:
• Leverage ‘Top of Wallet’ convenience - Like traditional credit cards (and unlike cash), the customer’s card is always in their wallet, which means they’re more likely to spend, simply because they can.
• Deliver increas
• Leverage ‘Top of Wallet’ convenience - Like traditional credit cards (and unlike cash), the customer’s card is always in their wallet, which means they’re more likely to spend, simply because they can.
• Deliver increas
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ed merchant differentiation - Particularly in the early days of adoption, merchants with contactless payments merchant accounts will ‘stand out from the crowd.’ They’ll offer consumers a new and exciting way to pay for goods and services.
• Are cheaper to operate - Transactions clear as a card-present,
• Are cheaper to operate - Transactions clear as a card-present,
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
magnetic stripe-read transaction, but card readers are a fraction of the cost of a new POS terminal.
• Increase efficiency - Businesses with contactless payments merchant accounts enjoy much more rapid check-out times during peak hours.
• Are easy to install and upgrade - The hardware for contactl
• Increase efficiency - Businesses with contactless payments merchant accounts enjoy much more rapid check-out times during peak hours.
• Are easy to install and upgrade - The hardware for contactl
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ss payments merchant accounts is all plug-n-play.
• Increase customer loyalty - Studies show that customers return to the participating merchant’s location on an average of two times a month.
• Leverage a general consumer movement away from cash (20%) - Even customers who don’t specifically love c
• Increase customer loyalty - Studies show that customers return to the participating merchant’s location on an average of two times a month.
• Leverage a general consumer movement away from cash (20%) - Even customers who don’t specifically love c
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ontactless payment probably DO specifically dislike cash. By offering them an alternative, businesses increase the likelihood of a sale.
Put simply, businesses with contactless payments merchant accounts enjoy increased transaction volume (average 45%) and increased ticket size (average 20%).
What Merchan
Put simply, businesses with contactless payments merchant accounts enjoy increased transaction volume (average 45%) and increased ticket size (average 20%).
What Merchan
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
s Benefit Most from Contactless Payments Merchant Accounts?
Contactless payments merchant accounts are ideal for cash-heavy merchants. Target industries include:
• QSR
• Petroleum & C-store
• Book Stores
• Dry Cleaners
• Video Rental
• Pharmacy
• Grocery
• Parking
Contactless payments merchant accounts are ideal for cash-heavy merchants. Target industries include:
• QSR
• Petroleum & C-store
• Book Stores
• Dry Cleaners
• Video Rental
• Pharmacy
• Grocery
• Parking
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
• Movie Theaters
• Stadiums & Arenas
• Theme Parks
• Events
• Cafeterias (Schools & Corporate)
• Taxis
• Transit
• Vending
• News Stands
• Parking Garages
Conclusion – The Future of Contactless Payments Merchant Accounts?
Contactless payment offers significan
• Stadiums & Arenas
• Theme Parks
• Events
• Cafeterias (Schools & Corporate)
• Taxis
• Transit
• Vending
• News Stands
• Parking Garages
Conclusion – The Future of Contactless Payments Merchant Accounts?
Contactless payment offers significan
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
t bottom-line benefits to merchants. It’s the next generation payment system that’s faster, easier, more secure and more convenient for consumers, which means it facilitates more sales (greater volume transaction) of greater value (ticket lift) for merchants. It’s a win-win situation!
You are welcome to pu
You are welcome to pu
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
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elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
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Article URL: http://www.cashflownow.org/contactlesspaymentsmerchantaccount.ht
Article URL: http://www.cashflownow.org/contactlesspaymentsmerchantaccount.ht
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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