At Bespoke Merchant Solutions, we understand it can be difficult...
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At Bespoke Merchant Solutions, we understand it can be difficult...
In the ever-changing landscape of small to medium-sized businesses (SMEs),...
We understand the challenges that come with the influx of...
In 2021, 90% of card transactions were contactless payments. Apps...
We are excited to announce that BMS is venturing on...
The Financial Conduct Agency raised the maximum spending contactless limit on each use of a card from £45 to £100 in October. This can raise threats and opportunities for your business and consumers, which aren’t always noticed right away. We can help you identify and bring awareness to these possible outcomes, and how you as a merchant can help your customers.
Highstreet banks are aware that the public may be uncomfortable with this decision. With that, most banks have provided the option to limit the contactless spending amount or turn off contactless payments altogether.
The transition to the £100 contactless limit could take months, as each business must make changes in their systems to offer the increased limit. At BMS, we have the machines to handle contactless, but you may still need to activate the £100 limit. If you have any questions, please do not hesitate to contact us.
Despite the multiple benefits of increasing the contactless card limit, some customers may still have concerns about this change. Consumers may also be worried about losing track of spending. As a merchant, you can do a few things to ensure that paying customers rust they have their security in mind.
Contactless tapping can often be rapid, and consumers can forget to check the card machine screen to verify how much they’ve been charged.
The transaction total should be made clear to ensure that it is what the customer expects. Merchants can verbally communicate the total to customers on the EPOS screen before they tap.
Consumers are more likely to skip the paper receipt for their daily coffee, as it becomes a waste product. However, when it comes to higher-value purchases made on contactless, customers should always have proof of purchase so they can check their statements and keep track of their outgoings.
This may help businesses avoid the risk of merchant chargebacks. If customers identify an unfamiliar charge from a contactless transaction they forgot about, retailers and shoppers will have proof of purchase.
PCI DSS compliance refers to the Payment Card Industry Data Security Standard, which is a mandatory requirement for all business owners accepting credit and debit cards. We take our commitment to keeping customers’ data safe from fraudulent activity seriously. Knowing about PCI compliance is crucial when you run a business. To learn more about it, click here.
If you’re yet to find a payment solution, learn more about our swift and effortless merchant services.
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