The Smart Card Alliance Contactless and Mobile Payments Council has rolled out a model that can help merchants involved with contactless and mobile payments calculate return on investment. There’s also an online discussion forum to ask industry professionals questions and post comments about contactless payments.
The model asks merchants to enter data specific to their business, such as revenue, store information, payment transaction information (volume, type and cost of transactions), transaction speed, expected changes in transaction volume and speed after contactless payments are accepted and implementation costs. With this information, the model then calculates an ROI based on increase in revenue, savings from fewer chargebacks, reduced cash handling and improved operational efficiency and incremental costs of implementing contactless payments.
Companies that contributed to building the merchant ROI model are Chase, First Data, Discover Financial Services, INSIDE Contactless, Ubiq Inc., USA Technologies, VeriFone and ViVOtech.
Topics for the forum include:
–How to accept contactless and/or mobile payments.
–What the business case is for accepting contactless payments.
–What the best practices are for accepting contactless payments.
–What the best practices are for training and support.