The readers are part of a system wherein customers wave their credit card or fob over a reader at the point of sale. The reader recognizes the built-in microchip to initiate the transaction. The greater ease and speed of payment has lead many to believe that contactless payment solutions will become increasingly prevalent in the future.
North American Bancard (NAB) said that it will be including the VivoPay 4000 readers in its Free Terminal Program offerings. The VivoPay 4000 reader is being coupled with the VeriFone Vx570 terminal to create the ‘best-in-breed’ contactless payment solution in NAB’s repertoire of free products. The company added that this new payment solution is now ready for deployment.
More than 17 million contactless credit and debit cards have been issued in the US in just over a year. Clearly, contactless payment is the next major wave in the payment industry, said Mohammad Khan, president and founder of VivoTech.
Contactless payments are replacing cash faster than ever before, providing ISOs a great opportunity to grow revenue by processing more transactions through their existing merchants in addition to signing up new merchants who have long relied on cash only transactions.
The VivoPay 4000 is the most popular add-on contactless payment device in the market today, and is the only reader certified for all contactless payment programs, including MasterCard PayPass, Visa contactless, ExpressPay from American Express and Discover contactless.
