In this exciting digital age, saying goodbye to cash and hello to a simple tap or wave has transformed how businesses thrive. Among the plethora of technological advancements, contactless card payments stand tall as a revolutionary tool reshaping the landscape of transactions.
As the world becomes increasingly digital, these versatile cards provide a gateway to a broader range of payment options, and many other advantages…
Customer Friendly
Most customers prefer to use plastic at the point of sale and since the pandemic we are much more likely to pay with this method as it has become the more hygienic choice that has turned into a habit. In fact carrying cash has become much less popular in recent times.
Many contactless cards can be added to mobile wallets on smartphones and smartwatches, allowing users to make payments directly from their devices and providing an additional layer of convenience. The Bank of England is even debating whether to introduce the digital pound. They foresee a time when most people will want to use this method and are in discussions about the benefits of it ahead of demand. Don’t panic though, they won’t be getting rid of traditional cash.
Fraud Protection
Most banks protect against fraudulent use by using technology that offers security by encrypting the data. The data can only be exchanged at close range, so the card must be within approximately 4cm of the reader. This prevents accidental reading of other cards.
Impulse Purchases
With less time to think about purchases the casual shopper is far more likely to make a payment quickly and be out of the shop before they can talk themselves out of it. Having the point of sale surrounded with enticing products is a good trick that many retailers use to coax shoppers into those last minute impulse buys. Supermarkets use this space for sweet treats and you’ll often find a bargain bin close to the payment area.
Great for Small Businesses
New businesses can easily incorporate contactless payment with systems like SumUp and Zettle. They don’t require you to open a merchant account and can even be used by mobile contractors like a self employed window cleaner or electrician. They can be totally mobile and will be loved by customers who don’t have spare cash in their pockets.
Convenience
We’ve all been caught up in a long queue at a checkout and it’s an unpleasant and boring experience. Offering contactless payment will go a long way to creating a fast and efficient payment experience for customers. When credit cards were first introduced, the retailer had to fill in a form and the customer needed to sign it and have their signature checked. Just waving a card over a machine has greatly reduced the time spent over this transaction.
Additionally, let’s not overlook the time saved during cashing up. Managing large amounts of cash necessitates counting, checking, ensuring security, and then banking, which can be a time-consuming process. By embracing digital payments, a considerable amount of time can be saved.
No Extra Cost
Good news – adding a contactless payment option won’t cost you any extra fees. You’ll just pay the same transaction fee as you would for regular credit card payments.
Overall, customer satisfaction with contactless card payments is high, and businesses have observed a significant decrease in abandoned sales. This positive trend can be attributed to the advanced technology employed, but the benefits go beyond that; the customer experience itself is markedly improved. When utilizing contactless payment methods, customers feel liberated from the constraints of carrying physical cash, resulting in the perception of a more efficient payment process.
Adopting this cutting-edge technology, will enable any businesses to stay ahead of the curve, solidify their position in the market, and create a more seamless and secure purchase experience for everyone involved.
