Having a pinless debit card is beneficial to both the merchant and the cardholder. Advanced technology has led to use of pinless debit cards to complete transactions. Though customers have other options to pay for products, online transactions do not require a pin. The pin is supposed to enhance the security of using a card to make payments. That way, if one does not know the pin, then they cannot use the card. But with a pinless debit card, various service providers have also put into place measures to enhance security. You should get a pinless debit card if you want the easiest buying experience. Merchants should also be prepared to accept pinless debit card payments from their clients.
Here are 4 benefits to owning a pinless debit card:
The savings apply to both the merchant and the customer. The merchant who implements this technology will save some money due to decreased interchange charges. The assessment fee will also be much lower as compared to what merchants pay currently. In fact, merchants may save up to thirty percent of the total cost incurred using other methods. With the right technology from a genuine payment processing company, this will be possible. Merchants may also negotiate charges and take advantages of various incentives given by service providers. This also increases their savings. Customers who shop using pinless debit cards save time and money. This is especially so through coupons or other promotions given by merchants to encourage pinless debit card payments.
- Customers shopping optimization and management
This is the major benefit of using and accepting a pinless debit card payment. The customer does not need to be present to complete a transaction. Customers are also not required to input their pins. This is one of the challenges that customers have. When they forget their pin that means that they cannot shop. The same case applies to online shopping since it is not required. Merchants who take advantage of pinless debit card shopping have a greater chance of growing their business fast.
- Market leader benefits
Merchants who adopt this innovation will reap the benefits of adopting the means of payment early. To be a market leader in any industry, one must stay up to date with technology development. Most merchants still process their payments through visa or MasterCard. They pay high charges for that. But when customers use pinless debit cards to make payment and you sign up for payment processing service for such cards, you incur fewer costs.
- Minimal risks
There is minimal risk in pinless debit card transactions because merchants who accept pinless debit card payments must conduct KYC protocols to know the customer well. Secondly, debit card pinless transactions are limited to certain type of transactions only. The customers mainly pay their utilities using the pinless debit cards. In such transactions the risk of fraud is minimal
Through pinless payment processing gateways service providers and the merchant should consider risks involved in pinless debit card payment. It still remains a better option for many customers. With proper security measures including 3D-secure options, pinless debit card payment is becoming more popular nowadays.