Benefits of Mastercard’s new contactless Cloud Tap on Phone

Image of credit card processor

Contactless payments are a simple way to make life safer and easier for retail customers. Reduced touchpoints, enhanced security and less risk from carrying large amounts of physical cash contribute to a better experience for customers. During a pandemic, many of these points are even more pertinent to provide a safe, secure transaction.

Traditionally, high-risk businesses have struggled to find payment and credit card processing options from mainstream financial providers. However, FLEX Payment Solutions is here to help. Thanks to a partnership between Mastercard and NMI, there’s now a new, simple way for consumers to pay for goods: Cloud Tap on Phone.

What is Cloud Tap on Phone?

Many financial institutions promote contactless payment solutions. However, Mastercard has been an industry leader in the transition from cash to contactless payments in recent years. The Cloud Tap on Phone innovation is the result of a partnership with third-party gateways and independent information technology companies. Tap on Phone could truly democratize payment solutions.

Cloud Tap on Phone allows businesses to turn their Android smartphone or tablet into a payment acceptance point. Whether you operate a small CBD shop or a firearms store, you can turn your tablet into an electronic point-of-sale device. With Cloud Tap on Phone, there is no expensive hardware to install. Customers can simply tap their credit card and go. 

This innovative approach minimizes touchpoints and speeds up transactions. Not only does this simplify payment processing for your business and customers, but it opens up new options for stores that may have struggled with the costs or logistics of installing alternative payment processing options.

Digital and cloud payments

Mastercard hopes services like Tap on Phone will encourage more users to take advantage of the cloud-based options available. Mastercard notes the shift towards digital payments is accelerating as the need for safe, secure payment technologies for businesses of all types continues to increase. Providing a solution that uses a smartphone or tablet means that smaller, niche businesses can take advantage of digital and cloud-based payments.

Previous versions of digital payment acceptance often required a physical card reader. Cloud Tap on Phone from Mastercard and NMI removes the need for external hardware by using cloud-based technology.

Benefits for your business

Many small businesses are still considered high-risk in the payment solutions sector. Money lenders, hemp-derived CBD outlets and vape shops are just a few business types considered high risk. For these business owners, finding financial payment solutions such as processing credit card payments can be challenging. 

That’s why FLEX Payment Solutions partners with high-risk businesses to offer a range of solutions, including touch-free technology and contactless payment. Helping business owners maintain proper cash flow is at the heart of what we do.

Since the onset of the pandemic, reducing touchpoints has been more crucial than ever. By April 2020, the use of contactless payment options had already increased by 27 percent in American small businesses, and it is expected to continue increasing in the coming months and years. 

Providing customers with alternatives to handling cash gives them peace of mind and increases your brand loyalty and following. Cloud Tap on Phone is an innovative tool that allows you to provide excellent customer service while cutting out the costs of additional hardware or further third-party payment vendors.

FLEX Payment Solutions can assist your business

FLEX prides itself on providing payment solutions and technologies for high-risk businesses. With our unique compliance background, we can find the right payment solutions to help your business stay focused on being there for your customers and clients.

FLEX is ideally placed to help businesses take advantage of this payment processing option, which is ideal for any high-risk business. Mastercard created this partnership with NMI, a third-party gateway, to make payment technologies more accessible to more types of businesses.

FLEX has an existing partnership with NMI, which means our clients can start taking advantage of this technology easily and quickly. Contact FLEX Payment Solutions to learn more about Tap on Phone and how we can set up this innovation payment solution today.

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