Payment Technology Archives - Credit Card Processing & Merchant Services

Offering a QR code for payment is the natural next step for businesses as the public becomes increasingly familiar with QR codes in different settings. QR codes provide a contactless and secure payment solution that can boost customer satisfaction and drive sales. The benefits of QR payment technology also extend to the customer. QR payments can speed up the checkout process and offer a quick and easy way to pay for goods and services both in-store and online. GENERATING A QR CODE STEP BY STEP Generating QR codes for payments is simple, but the exact steps differ depending on the payment platform or service your business uses. Setting up QR code payment technology generally involves some of the steps listed below: Partner with a payment processor: Choose a payment processor that supports QR code payments. Set up a merchant account: You will need a merchant services account with an integrated global payment gateway. This account will be linked to the QR codes your business generates for customer payments. Access the QR code-generation feature: Your service provider’s platform may offer a feature that allows you to generate QR codes for payments. Enter your payment details: The platform will ask you to enter your business’s payment details. This may include your merchant ID, the account payments should be directed to, and the transaction amount if the QR code is linked to a specific product or service. Every customer will use the same QR code for the same product or service. Generate the QR code: Once you’ve entered the relevant details, you can generate one or more QR codes. The platform will create unique QR code(s) that can be used for payment. Test the QR codes: Before you use QR codes in your business, test them by scanning the codes and ensuring they trigger the correct payment process. Also, check that payments are being directed to the correct account. Deploy the QR code: Once you’re sure your payment QR code(s) work(s) seamlessly, you can display the code(s) at your point of sale, on your e-commerce website, on receipts or invoices, or in any other place that fits your payment strategy. WHICH BUSINESSES COULD BENEFIT FROM USING QR CODES? QR code payments could benefit many businesses that accept digital payments. Businesses often choose to create QR codes to accept payments as they’re simple to use and digitise transaction information. The following are a few business types that could benefit from QR code payments: E-commerce Online businesses can include QR codes on the checkout page or invoices they send by e-mail. The main advantage is that customers don’t need to manually enter their payment details. This simplifies the payment process and improves security as it minimises data entry errors. Subscription Services Companies that offer subscription services can offer QR codes to facilitate e-commerce recurring payments. For example, a subscription food service could include a QR code on a member’s monthly or quarterly invoices. Retail Stores Traditional brick-and-mortar stores can display a QR code at the checkout to offer expedited in-person payments. High street stores that also have an e-commerce website can use the same code in-store and online. Many shops will benefit from implementing a QR code system as it streamlines the checkout process, removes the need for cash or physical credit or debit cards, and answers customer demand. Restaurants and Cafés Many restaurants and cafés offer QR codes for customers to access their menus online. However, fewer establishments use them as a way for customers to place orders or pay for their orders from their phones. Doing so reduces waiter intervention and speeds up the ordering and payment process as customers can enter their payment information without needing to wait for a staff member to come to their table. BENEFITS OF SETTING UP QR CODE TECHNOLOGY Many businesses will benefit from setting up QR code technology as an alternative payment method that’s becoming increasingly popular. In 2022, the global QR code market was valued at USD $9.98 billion. This figure is projected to rise at a compound annual growth rate of 16.9% between 2023 and 2030. The huge growth experienced by QR technology underlines how important it is for businesses to understand the rapidly changing payment landscape and offer customers a way to use their preferred payment method. Among the main benefits of QR codes for payments include: Low equipment costs: QR payments require very little specialised equipment. All you need to do is download an app to roll out QR payment technology online or in-store. This is a contrast to credit and debit cards that require card readers linked to a POS system. Simple payment experience: QR payments offer customers a fast and convenient payment experience, which streamlines the checkout process both for the merchant and the customer. Easy data collection: Merchants can take advantage of the fact that their customers are already on their smartphones to request extra data from them like an e-mail address or a phone number. This can make a significant difference to your e-mail and SMS marketing campaigns. ARE QR PAYMENTS SECURE? QR payments are secure because a QR code links the customer’s payment app to the merchant’s account. The app then encrypts the customer’s payment data meaning they can pay without sharing sensitive information like account numbers. QR codes also offer the following security features: Two-factor authentication: A QR payment often involves two-factor authentication. This adds an extra layer of security as the customer must approve the payment using at least two methods of confirmation like entering a one-time passcode or logging in through their payment app. Biometrics: Many smartphones use fingerprint scans, face scans, or other biometric authentication methods. Tokenisation: The payment details are stored as a token. The token is useless outside of a transaction cycle, meaning data thieves can’t access customers’ account details should they intercept the payment request. MAXIMISE CONVENIENCE WITH QR TECHNOLOGY QR codes have revolutionised the way we make payments, offering a convenient and secure alternative to traditional methods. By following the simple steps outlined in this guide, businesses can easily generate QR codes for their customers to scan and pay. Integrating QR code payments into your business operations is one way to boost customer satisfaction, streamline transactions, and boost your sales. Embracing this and other modern payment technology will help you stay ahead of the curve in the digital age.

How to Generate a QR Code for Payment

6 Types of Mobile Payments for Business on the Go

What Are Payment APIs & How Do They Work?

How Point of Sale Systems Work – Overview for SMBs

How Does QR Code Payment Technology Work?

How to Generate a QR Code for Payment

6 Types of Mobile Payments for Business on the Go

What Are Payment APIs & How Do They Work?

How Point of Sale Systems Work – Overview for SMBs

What Is a Cloud-Based Point-of-Sale System?

How Does QR Code Payment Technology Work?