Benefits of Contactless Payment System
Consumer credit card use is steadily growing, including traditional coin-operated small ticket applications like laundromats, car washes and vending machines. Laundromat owners have moved from equipping their washers and dryers with coin payment options to offering multiple forms of card payments directly on the device. Today’s technology has seen Europay, Mastercard and Visa (EMV) quickly become the industry standard for laundromats accepting cards as payment.
SpyderWash provides laundromats with secure EMV payment options that deliver increased convenience for users while offering owners a more efficient and accurate management experience.
Defining EMV Payments and EMV Certification
EMV has already become mainstream globally, serving as a preferred form of payment for consumers, retailers and banks. EMV cards contain tiny microprocessor chips that enable more secure transactions than a traditional magstripe card. These chips interact with the payment terminal to validate the card by verifying the user’s identity.
EMV certification ensures retailers can accept cards with the chip technology (contact and contactless), adding an extra level of security for users and vendors while minimizing the risk for banks.
Card readers must pass three levels of EMV certification:
– Level 1: This step tests the reader’s hardware, including the physical terminal, the payment transmission function and logic.
– Level 2: This level tests the software used to facilitate payment transmission.
– Level 3: This step tests each card brand against all aspects of Levels 1 and 2, plus the payment application.
EMVCo certifies equipment for Levels 1 and 2, while each card company has its own set of tests for Level 3.
Why EMV Certification for Retailers Is Critical
Many major credit card companies require EMV certification for all card readers, meaning that retailers without certification cannot process contact, contactless or mobile payments from EMV cards. While some card companies issued chargebacks in the past, card readers now automatically decline contactless transactions on non-certified devices.
Other Advantages of EMV Contactless Payment Options
Besides offering better transaction security across the board, EMV payment options provide the following benefits:
– Multiple payment choices: Most EMV card readers support chip insertion, contactless and mobile wallet transaction types (Apple. Google and Samsung Pay).
– Speed and Convenience: Customers can easily tap their EMV Contactless credit/debit card and get successful approval within 4-6 seconds. (no physical card interaction required)
– Global compatibility: While magstripe cards have a high rejection rate in foreign countries, EMV cardholders can use their cards anywhere.
– Increased business: Consumers with EMV cards typically choose vendors who can process EMV transactions, giving retailers an edge over the competition.
– Chargebacks: EMV transactions virtually eliminate chargebacks.
– Avoiding Payment Hardware Obsolescence: EMV has become the standard way to pay across all retail industries across the world.
Contact SpyderWash Today
Setomatic Systems has been an industry leader in laundromat payment systems for over half a century. We were the first to introduce credit card payments to the commercial laundry market in 1993. We embrace the latest payment technology to provide a more accurate and efficient experience for retailers and consumers. To learn more about EMV card readers and the benefits they offer, connect with the SpyderWash team today.
By Setomatic Systems on June, 6 2023