Convenience and efficiency are highly important for financial transactions. Most consumers find it easy to make contactless payments using their smartphones. Many online stores allow them to scan QR codes for payment. Customers need to scan the code to make successful transactions at the store. So, QR codes have transformed the landscape of online payments. Let us talk about this technology that benefits your business and customers.
What Is a Qr Code?
Quick Response codes appear as simple black-white patterns. When a customer scans the code with their mobile camera, it opens a webpage or initiates a secure payment. QR codes can be categorized in different ways.
Static codes are pre-programmed and facilitate only a single action. They direct your customers to the payment page and enable them to pay a particular amount. On the contrary, dynamic codes provide high flexibility and allow automatic adjustment of the payment amount depending on the deal.
Why QR Code Payments Have Gained Popularity
Many businesses have accepted contactless payments using QR codes. There are several advantages of using these codes for contactless transactions.
Accept payments faster – QR codes help you receive payments from multiple customers at a time. Customers can make successful transactions with a few clicks. You can concentrate on other business activities to deliver a better customer experience.
Simple and affordable setup – You need only a smartphone or scanner to accept payments with a QR code. So, you can allow contactless payments even without technical knowledge.
Highly secure – Another reason for choosing QR code payment is safety. The card network (such as MasterCard or Visa) facilitates payment processing to ensure stability and security. You will have no concerns about the encrypted card details. Your customers will feel confident about providing their personal data.
Close the gap between digital and traditional worlds – QR code adoption lets customers pay with any online wallet. It eliminates friction from the customers’ buying journey. You can remove the barrier between virtual and real worlds for a seamless transaction.
How Does a QR Code Payment System Work?
Generate a QR code – Merchants choose software to produce QR codes for payment data (merchant details and transaction amount) encryption. As a merchant, you can buy a QR code scanner from ScanAvenger if you choose this route. You will receive an instant alert after every transaction.
Scan and decode – Your customers will scan the QR payment code using their mobile camera. They then decode and find the payment details.
Process the payment – The customer’s banking app or digital wallet receives the information. The payment undergoes authorization and processing through reliable payment gateways.
Confirm the payment – You and your customer will receive the confirmation message after the transaction. The payment information will be recorded for auditing purposes.
QR codes will be the future of digital payment. Both customers and merchants have found it advantageous to deal with the payment process. Businesses across different sectors have invested in the QR code scanner. So, you can also improve your payment system to ensure a better customer experience.
