Paystand: What is Zero-Touch Payment Processing?
By Eduardo Lopez
April 16, 2020 —Scotts Valley, CA
(Photo source: Paystand)
Zero-Touch payment processing is a secure way to virtually collect payments for goods and services, without the use of cash or paper checks.
While traditional payment processing is highly manual and requires multiple physical touches, Zero-Touch payments are processed through digital channels, can be managed remotely, and automated to help you streamline collections and improve working capital.
Over the last few months, digital payment use has grown increasingly due to the COVID-19 outbreak. If your business needs to shift to Zero-Touch payments, Paystand can help you get started.
Zero-Touch Payment Methods
Many people associate touchless payments with tap-and-go credit cards, but there are many other zero-touch alternatives that don’t carry low transaction limits and hefty fees. There are also options like digital bank payments, digital wallets, smart cards, and eChecks.
Zero-Touch payment methods for B2B businesses can be classified into two areas: credit and bank payment systems.
Zero-Touch Credit Payments
- Credit Card (Virtual terminal): Virtual terminals let you securely charge credit cards remotely from a smartphone, computer, or tablet.
- Smart card: A contactless credit card with a microprocessor that can be loaded with funds to make transactions.
- Virtual card: A digital form of payment that allows you to create a unique 16-digit virtual card number that can be tied to a bank account.
Zero-Touch Bank Payments
- Direct Bank Payments: A direct (or digital) bank payment moves money electronically from one bank to another.
- eCheck: A digital version of a paper check that electronically transfers money from a bank account, typically a checking account.
- Stored-value card: A card with pre-loaded funds that can be used to complete a transaction, such as a gift card or a charge card.
- Electronic Funds Transfer: A bank transfer processed over a computerized network among accounts at the same bank or separate institutions.
- Automated Clearing House (Virtual Terminal): Virtual terminals also allow you to process bank payments over a computer-based clearing house.
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