Contactless Payment is widely celebrated today. Though it’s been used some years ago, businesses and customers have shown much interest nowadays as a way to comply with the safety protocols for the Coronavirus outbreak.
In fact, while cash remains the second most frequently used payment method, usage continues to fall, with one in ten adults choosing to live a largely cashless life. Consumers are taking a ‘pick n mix’ approach to how they make payments, with mobile banking, mobile payments and contactless all becoming increasingly popular. (UK Finance, 2019)
Contactless payment refers to a secure method for consumers to purchase products or services using a debit, credit, smartcard, or another payment device by using radio frequency identification (RFID) technology and near-field communication (NFC). This payment method works by tapping a payment card or other device near a point-of-sale terminal equipped with contactless payment technology. Contactless payment is also referred to as tap-and-go or tap by some banks and retailers.
Contactless Payment can be done through the following :
- Smartphones (Apple Pay, Samsung Pay, Google Pay)
- Debit Card
- Credit Card
- Smart gadgets (Smart watch)
- iPad and Tablets
Aside from the fact that it’s one way to contain and stop the spread of the virus, we gathered other main points on why you should start joining the dominance of Contactless Payment.
CONTACTLESS MEANS LESS-CONTACT
Since April 2020, the spending limit for contactless card payments has increased from £30 to £45. This action from the government just shows support on how Contactless Payment helps with the fight against the Coronavirus outbreak.
Sure, you still have to touch the device to the payment terminal, or your card against it but leaning towards Contactless Payment means there’ll be less contact of your staff and equipment to your customers and your customers to other surfaces. WHO has stated before that the virus can linger longer to surfaces for hours to days. That’s why it is advantageous for a restaurateur and customers because there’s no need to sanitize the whole place over and over again.
It is no hiding that with the assistance of Contactless Payment, businesses and establishments are getting back on track with less worry.
EASY TO SET-UP
With the right device that’s compatible for your business concept, Contactless Payment requires less effort to be set up. Digital wallets can now be just downloaded through phone apps, and as soon as you purchase a payment device you’re good to go.
Here are some of the top devices that could help you to set up your business for Contactless Payment.
GREATER EXPERIENCE FOR BOTH CUSTOMERS AND BUSINESS-OWNERS
Modern customers now crave for convenience with every transaction they make, be it through food delivery to payment, it is no surprise that there’s a huge increase of better customer experience when opting for contactless payment. You don’t have to sign anything, you just need to tap then your purchase is already complete.
Contactless Payment also means there’ll be no need for your customers to line up to queues for payment. Seeing no queues inside your establishment leaves a good impression on your customers and they’ll be more enticed to do business with you, especially using your restaurant and takeaway ordering app.
As for business owners, Contactless Payment enhances their experience because it helps in reducing costs. There are merchants that charge lower fees with every transaction, cash handling for staff is substantially lowered, and there’s no need for you to print a receipt unless your customers asked for it.
Imagine the great feeling of just tapping your way out of the train rush hour.
Convenient and fast transactions leads to the increase of efficiency and productivity of the business. Customers are not required to input their PIN or sign anything, meaning there’ll be no typing error and less concerns to mind about.
This procedure encourages your staff to use their time more effectively at work, and it gives them the opportunity to serve more customers while they’re at it. Keep in mind that customers who use contactless payment tend to spend more than those who use cash. And to be able to keep up with the growing demand from customers, your staff needs a device that could help them function efficiently. There’s a correlation between your staff and the device you’ll use for contactless payment. One can operate just fine, but having them work side by side is better for your business.
The processing of payment is also faster, Contactless Payment usually deposits your money within 1-3 banking days. This benefits you as a business owner.
Since there’s no need for you to access the customer’s information, it’ll put your customers at ease knowing that the transaction they made is secured. There’s also less cases of fraud transactions as the devices use updated technology and data-encryption to protect all the transactions being made.
Contactless Payment also makes tracking the payment easier as it usually shows right away to the customer’s mobile app or sent to their email.
Another thing to check, your staff will have less to zero contact with the cash or card information meaning there’ll be a lower chance of inside or employee theft to occur.
INCREASES REPEAT CUSTOMERS
The competition for every business is always uptight, so taking every measure that could give you an advantage is a must. With Contactless Payment, you’re delivering a swift, secured, and convenient service. This helps you garner loyalty from your customers.
This upgrade for your business shows that you’re innovating with your business. You’re not afraid to try what’s best for your customers, and with the increasing numbers of patrons of Contactless Payment, this could help you position your business better – especially to the modern market.
As it is treated now as a necessity, Contactless Payment is surely taking up the world by storm. It is accepted with bars, restaurants, supermarkets, shops, and you can even use it to complete a transaction with your transportation – worldwide. All it takes is just one tap!
Just be mindful of the foreign transaction charges. Make sure to check with your retailer before using it for a shopping spree somewhere across the globe.
Day by day, we’re moving towards an era with less human interaction. And with this recent outbreak, it surely made it more difficult to connect with each other. Now that we’ve been given a technology which takes some load off from our shoulders, may we use it to our advantage and take this opportunity to make more organic connections with each other.