Mar 4, 2010 - email
[email protected] ... company is behind many of the best known ... Managed Service or a
Contactless Payment Solution Managing information and transactions securely
Introducing a more convenient and faster way to accept payment. The Logic Group adds further value at the Point of Interaction by integrating contactless payment processing into its trusted, secure, and reliable payment environment.
REPLACING CASH In the UK it is estimated that consumers make 22 billion cash transactions a year, worth a total of £266 billion. However, over 80 percent of these transactions are for purchases of less than £15. At the same time, it is recognised that cash does present its own problems. As well as being inherently insecure, it is expensive to handle, and errors are commonplace during cash processing. There exists a real and sizeable market for a true cash replacement solution that is faster, more convenient and more secure than notes and coins. The emergence of contactless payment technology now offers just such a solution by enhancing existing debit and credit card payments by combining the security of Chip & PIN with the convenience of a rapid transaction.
New contactless payment technologies have now been introduced by both Visa and MasterCard that allow organisations to offer their customers a more convenient and faster payment experience whilst at the same time both improving speed of service at the point of interaction and reducing the costs associated with cash acceptance. As we grow to expect more speed and convenience in our everyday life, the concept of a contactless way to pay is very appealing. In addition, contactless payment offers improved consumer confidence as the card never leaves the customer's hand. The Logic Group’s Contactless Payment Solution introduces enhanced functionality to a client’s existing secure payment environment and has been developed to provide an alternative to cash for low risk, low value transactions. The introduction of this new and innovative solution is expected to deliver additional benefits to the organisation.
DATA SHEET
Increased footfall customers are more likely to return to locations that accept a more convenient payment method
Reduced cash management funds transferred electronically rather than conventional notes and coins
Reduced abandonment faster transactions mean less queues so there will be a reduction in abandoned transactions, i.e. fewer walkouts
Increased basket spend customers have the opportunity to include extra spend as they are not limited to the cash in hand
Increased throughput transactions are faster than cash or Chip & PIN
About The Logic Group The Logic Group partners with leading organisations across Europe to enhance the effectiveness, security and profitability of their customer interactions.
Accepting contactless payments can be achieved by implementing The Logic Group Contactless Payment Solution used in conjunction with the deployment of contactless card readers.
The Logic Group’s Contactless Payment Solution is available to complement an organisations’ existing secure payments environment whether as Managed Service or a Licensed Software Solution.
During the payment process, as long as a transaction amount is below the £15 limit, the consumer will be offered the facility to pay through contactless payment.
Payment is a strategic touch point in customer experience so the payment environment that a client provides is fundamental to the business success of the organisation.
The customer experience involves the consumer briefly tapping their contactless enabled debit or credit card against the reader with subsequent processing completed in less than half a second.
The Contactless Payment Solution creates an attractive proposition that promises to deliver an improved customer experience whilst also offering the client the potential of increased revenue and profit return through:
No cardholder verification (PIN or signature) is requested for these low risk transactions, with full liability being taken by the issuer. The Logic Group Contactless Payment Solution seamlessly manages the transaction to the relevant acquiring bank using the same processes employed for standard card based payments.
• Reduced cash management costs
Logic House Waterfront Business Park Fleet, Hampshire GU51 3SB United Kingdom
© 2010 The Logic Group Holdings Limited
We combine our skills, experience and innovation into client solutions that drive improved customer experience, enhanced customer insight and stronger customer relationships. We believe that we have an unmatched passion and track record for building effective customer interaction. That is why the company is behind many of the best known names in Europe for whom maximising the value of their customer interaction matters most.
• Increased footfall • Increased throughput • Improved basket spend
For transactions above the agreed limit of £15, the payment process will revert to the established Chip & PIN method.
The Logic Group Enterprises Limited
The company specialises in the secure management of information and transactions through the delivery of trusted payment and loyalty solutions that enable increased revenue, improved profit, and reduced operating costs and risk.
For more information call +44 (0)1252 776 700 or visit our website www.the-logic-group.com
phone +44 1252 776 700 fax +44 1252 776 738 email marketing @the-logic-group.com www.the-logic-group.com 02.2010
Managing information and transactions securely
