The latest and greatest in payment technology for debit and prepaid cards is not just reserved for the “Big Gorilla” national banks. Commerce Bank, a mid-west regional bank, has added wireless, or contactless payments technology, to its line of debit and reloadable prepaid cards.
Swipe, Dip or Tap
Customers will now be able use their Commerce debit and reloadable prepaid cards to “Swipe, Dip or Tap” to make payments at the point-of-sale. “Swipe” is sliding a card’s magnetic stripe through the terminal, while “Dipping” is inserting the card’s smart chip into the payment terminal. With “Tap” cardholders access the short-range wireless technology feature of the card, making payments near the payment terminals.
Understandably, the merchant has to install the latest payment terminal offering the new options. So, Aunt Mabel’s Corner Store may not be up to speed with all this rapidly expanding payment technology. However, nearly all major chains, especially conveyance stores, offer full payment options.
Tap vs Cash
Commerce Bank notes the benefits of contactless technology include ease of use, speed through the checkout process and security. And, just like transactions made with a chip card, each contactless card transaction is accompanied by a one-time security code that protects the payment information. Additionally, unlike cash, contactless payments help provide better records of purchases while still allowing cardholders to do everything they would do with a non-contactless card, including adding a tip, getting cash back (if available) and more.
Big Gorillas vs Commerce
Commerce Bank is no slouch when it comes to embracing new payment card technology and taking on the “Big Gorillas” in the credit, debit and prepaid card market. Since 2012, Commerce Bank has introduced six new consumer card products and services, eight new ways to pay, and five new digital apps or services.
New technology in the overall payments business will include embedded, in-dash fuel payments.
Commerce Bank operates banking facilities in nine key markets including St. Louis, Kansas City, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City and Denver.