Today, for a business to be successful it has to be able to adapt and keep up with ever-changing technologies. As things change, advance and improve, so do the way companies need to run their business. When it comes to spending patterns, companies must be in sync with buyers and adapt accordingly.
Card payment methods have seen a sharp rise in popularity over the last decade, and Contactless is considered the latest in a line of payment technologies.
Accepting Contactless Payments
Businesses must offer alternative payment methods and since contactless is favoured by many, adding it to your company is a wise move. There are plenty of card payment providers available online, but before you make a decision, it is important to ensure that the devices you get are capable of accepting contactless payment methods. Some card terminals will only accept chip & PIN, but contactless ones are identified by a symbol stating as such.
What Are The Advantages Of Accepting Contactless Payments?
With consumers choosing contactless as their preferred payment method, there are many benefits for companies who wish to adapt and accept contactless payments from Google Pay and Samsung Pay for example.
Investing in a contactless payment machine reaps enormous benefits, starting with the speed in which transactions are made. The tap and go method means less waiting around as it is simple and straightforward and can cut cueing times rather significantly. Chip and Pin methods take around 30 seconds (on average) for a transaction to complete, whereas contactless will reduce that by half. A swift 15-second tap and go and the payment is done. Shorter cues equal happy customers and the quicker payments are made, the better chance of increased sales.
Fraud is often a lingering question when it comes to contactless payment methods. However, stats tell a completely different story. Less than 1p in every £100 is spent as a result of illicit activities.
And since limits are set at £50 per transaction, it eases security fears even more so.
Aside from this, there are other safety precautions associated, such as the consumer being asked to use their pin if a vast number of transactions are made within a short period of time. This helps to curb fraudulent spending. And if cards are reported stolen or lost, the banks will cancel them automatically.
Statistics show that contactless payment activity is rapidly increasing in this country, so UK businesses have everything to gain from adapting to customer spending habits and investing in contactless payment compatible terminals.
Ensure contactless is visible within your premises by advertising it in your shop window; this might help to attract potential customers, especially passers-by who may never have been in your shop before.
You will be providing a better customer service to your clients who will appreciate you for offering something that is highly convenient for them.