How to Setup QR Code Payment

While close to 1.5 billion people are already well-accustomed to making purchases with QR codes, the practice of QR code payment is still in its early stages here. But the evidence is more than clear that QR code payment will be a popular payment option for customers in the future as a safer, easier, and more accessible payment option.

For the same reasons, it will also be popular with merchants.

• Affordability: merchants can get paid without needing a physical card reader or register. They can create their own code using a QR code generator.

• Security: Rather than having to take sensitive payment info, a QR code links the customer’s payment to your account.

• Speed: Rather than fumble for a card, the customer’s phone does it all. And 50% of customers consider ease of checkout when deciding where to shop.

• Added value: QR codes can track and promote loyalty participation. QR codes can also be used as virtual punch cards for purchases made.

Now is the time to get set up for QR code payment.

Accepting credit card payment is vital for North American merchants. Seventy percent of Canadians used credit cards in the past year for essential expenses like groceries and utilities.

But, keep in mind that credit cards are relatively new.

Credit cards only got their stripes (and the ability to be swiped) in the 1970s, and tap technology is less than 15 years old. Both were considered alternative payments, until they became the norm.

As Canada welcomes more people from China who are already used to QR code payment, and as more Canadians travel to China and experience the security, ease and accessibility of QR code payments, this new “alternative” will soon become the norm.

And it’s going to happen quickly: While only 38% of Canadians ages 25–42 have ever used QR code payment, that number jumps to almost 50% in the 18–24 demographic.

How QR code payment works.

The QR code itself is like a unique key that opens up a direct connection to a specific URL for anyone who scans it. When applied to payments, QR codes go two steps further. Firstly, it connects the scanner’s bank account to the merchant’s bank account for the express purposes of transferring a specific amount of money (the price of the item). Secondly, it triggers the transferring of that money between the two accounts.

It’s important to note that QR codes are a one-way street: no one can scan the account and get into the merchant’s account. For this reason, it’s safe to put anywhere, and that makes accepting QR code payment an invulnerable payment option to provide.

How to setup a QR code for payment.

Getting your business set up for QR code payment is a straightforward process; it’s one of the many reasons why this method is so popular with merchants. These are the basic steps:

• Choose a payment service provider (PSP) that supports QR code payments: Banks do this. So do digital wallets like Apple Pay. OTT Pay does it too, and also opens you up to a World of Payments™ so you can accept transactions through Alipay, WeChat Pay and so many more payment methods from around the globe.

• Choose or create a landing account: This is where the funds will be transferred following a successful QR code payment.

• Generate a QR code: Your PSP will have a feature on their website (post-sign-in, most likely in the tools area) that allows you to generate a QR code.

• Test your QR code: Scan the QR code with your own phone to confirm it links to the right place. If it works for you, it will work for everyone.  

• Deploy the QR code: When your QR code is ready to go, it can live in the actual and digital worlds. And it doesn’t require high tech: you could print and stick it on the wall of your shop, and it would work just as well.

What can you do once you’re set up for QR code payment?

Because QR codes are remarkably low-tech and easy to reproduce, you could theoretically have different QR codes for every product on your shelf that customers could scan at the shelf, pay right there, and walk out. Other ways to use QR codes include:

• A plumber adding a QR code to their invoices that triggers a coupon for future service.

• An architect including a QR code to their quotes that triggers a visit to their portfolio of work.

• A bakery installing a QR code by the pot of coffee so customers could walk in, pour themselves a coffee, pay and leave without having to wait in line.

• A clothing store with QR codes at the entrance so that kids can scan to join an online game while their parents shop.

The possibilities are endless with QR codes, but it begins with having the ability to receive QR code payments. OTT Pay is the market leader in facilitating the acceptance of QR Code payments through our World of Payments platform. Our POS Terminal has the ability to scan QR codes with the same compatible technology also supported through our powerful E-Commerce, E-Gift Cards, and Loyalty systems.

Now that you know how to get started, the world of QR codes is open to you.