Payment Solution On Your Keychain

Aug 10, 2020 | Blog, Partner

As a retailer, you probably know that the future of payment is likely to be digital wallets. You also probably know that the digital payment solutions that are out there haven’t been adopted as quickly as they were expected to be.

There are two primary impediments to widespread adoption:

  • No universal solution
  • High cost of upgrading a store’s point of sale system
These days, several companies are trying to skirt these limitations by developing digital payment solutions that are compatible with the type of point of sale system retailers already use. These new solutions may very well be the future of retail, so it’s essential that you learn what they’re all about.

The Loop Solution

Loop is a company that has developed a payment solution for your keychain, the Loop Fob, and a companion application, LoopWallet. There’s a 90 percent chance that this keychain payment system will work with your existing point of sale system. The LoopWallet app is is PIN protected, and all the servers are fully encrypted, and the Fob can be set up to be unusable if it’s lost or stolen. You can configure it to various levels of security to be used either just like a credit card, or with one of two higher levels of security that require a connection to your phone.

You can load all of your credit cards, debit cards, and membership cards onto a single device that stores them all and can switch between them on the go. You can set it up by plugging the fob into an iPhone and swiping in new cards. The app later helps you select which card to pay with. It’s easy to use and works just about anywhere. Instead of swiping like a typical card, you hold it above the area on a point of sale system where you would swipe a card. The fob then uses Magnet Secure Transmission technology to emit a burst of data that tricks the POS system into believing the card has been swiped, passing along identical data.

The only drawback is that, since the technology is new, you have to explain how it works to every single cashier you check out with.

Moving Toward the Future of Retail

The Loop device is just one of the many ways that retail is moving toward a more technologically advanced future. Even if you haven’t encountered such a card-free payment device yet, there are other modern retail solutions that you probably have encountered, such as the increasingly prominent iPad POS system. iPad POS systems provide a more mobile and flexible retail experience for your customers. A cloud-based iPad POS also streamlines your behind the scenes operations, giving you more time to concentrate on what really matters.

If you’re interested in moving your retail business closer to the future of retail, it might be time to upgrade to an iPad point of sale system. Contact Teamwork Commerce today to find out just how easy this new system is to implement and learn.

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