Are You Taking Advantage of Paycheck Protection Program and Economic Injury Disaster Loans?
Complete details on the PPP, including a list of participating lenders, is available on the US Small Business Administration’s (SBA) website here. To find your closest participating lender, click here.
We also included direct links to online applications and PPP landing pages for some large financial institutions below:
The SBA is also offering an Economic Injury Disaster Loan Emergency Advance. The loan advance provides up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. You can learn more about the EIDL Emergency Advance by visiting the SBA’s website.
We encourage all of our customers and partners to take advantage of this loan program and apply for these funds as they are being fulfilled on a first come, first served basis.
Understanding Contactless Payments
Contactless payments can provide speed and convenience when compared to the traditional card swipe or EMV chip, and they offer a safer payment alternative in our post-COVID world. There are several types of contactless technology, all of which have different hardware and software requirements. It’s important that merchants and software providers are familiar with the various contactless payment options to ensure that they implement the best solution for the business.
Near-Field Communication (NFC)
Typically, when people mention contactless payments, they are talking about NFC transactions, which allow the cardholder to “tap” their card or mobile phone on the payment terminal. When the card is close enough to the receiver, it transmits the payment information without needing to swipe it (hence contactless). There are two main ways to accept NFC payments:
Both of these are still considered card-present transactions and require the merchant and cardholder to have a few specific tools to complete the transaction in this way. The merchant needs to have a payment terminal that is equipped with an NFC sensor to read the card data and the cardholder needs to have a contactless card or mobile wallet that can act as an NFC transmitter.
QR Code Payments
Quick response (QR) code payments are a fast-growing alternative to NFC. For these types of transactions, the customer scans a unique QR code — which is basically a square barcode – with their mobile phone. When scanned, the QR code directs the customer to a URL, opening a web page or an application to complete payment. This has been adapted to payments in a few different ways:
QR code payments are popular for a few reasons. They don’t require the merchant or customer to have as much specialized hardware as they would with an NFC transaction. The cardholder just needs a smartphone, which typically has a QR scanner built right into the camera application. The merchant doesn’t have to have a particular POS terminal with a physical NFC sensor, just a device that is able to display the QR code, or the ability to print the QR code on a receipt. And since that functionality is typically software-based, it is possible to update some existing hardware to add that capability.
As part of our offerings for solution, Terminals Plus ETC offers free contactless EMV terminals that support all of the above-mentioned types of NFC- and QR code-based transactions. These free terminals include our innovative SkyTab® mobile point-of-sale solution as well as a variety of third-party device options. We also offer SkyTab Online, which is fully integrated with the POS system for a seamless online ordering experience and is available completely free!