PIN-based payment and signature-based payment are frequently confused with each other. In a brief comparison, PIN-based transactions occur online while signature-based purchases occur offline. For most customers, PIN-based transactions are preferred for the sole reason that is it faster, more convenient, and safer.
PIN-based currency requires a customer to insert his payment card PIN number instead of paying with cash upfront and signing a receipt afterwards.
Who can use it?
- Merchants and Retailers
- Business and Store Owners
- Banks and Financial Institutions
- Payment Service Provider
How does PIN-Based Currency work?
PIN-based currency allows customers to input their information with ease and security. When a PIN-based currency transaction is performed, the customer inserts their card into a payment device until the transaction is done. Transactions that are done using PIN-based currency also shows real-time, and the amount will be automatically captured and transferred to the store’s business account in a few days. This is more convenient for customers and store owners alike. It eliminates the use of physical cash and promotes a faster transaction.
Using a PIN-based currency transaction is also safer in a way that it reduces the risk of identity theft. Unless the thief finds a way to obtain the customer’s card PIN number, he won’t be able to use the customer’s basic information to purchase something online or in-store.
Benefits with Novatti
Doing PIN-based currency transactions are often deemed more secure because there is less opportunity for identity theft or misuse of funds.
Customers are also free to use either their credit or debit cards as there is no specific card required to perform PIN-based currency purchases. This is easier for customers especially since more and more businesses are seeing opportunities in encouraging PIN-based currencies when purchasing goods and or services.
- Novatti PIN-Based Currency solution offers flexible payment to customers, thus allowing businesses to grow and expand
- Encourage an increase in sales and higher-priced purchases
- Improved customer loyalty and trust
- Novatti makes shopping easier by making payments faster.
- Using a PIN-based currency purchase entails paying for the exact amount
- No need to have customers sign receipts
- It allows a faster way for customers to check out once in the line
- With Novatti PIN-Based Currency solution, there is less risk of frauds and theft
- Offers a higher customer satisfaction and higher approval rates
- A stronger and more reliable payment solution that allows businesses increase their revenue