Contactless payments are on the rise.
The popularity of contactless payments is hard to ignore. Contactless payments grew 29% in 2020, and at least One Study Suggests that 70 percent of all transactions will be contactless in a few years.Consumers around the world have been quick to adopt it with the U.S. becoming the second largest market for contactless payments. As a result of the industry changes, eMarketer reports that not only has mobile wallet usage increased, the average annual spend per user is increasing, as well. Businesses with low transaction values and high volumes have noticed the most demand.
Payments Go Contactless
If your business doesn’t yet accept tap credit cards, you might consider it as a payment option. Credit card companies started rolling out cards with RFID technology a few years ago. With this technology, card information is transmitted wirelessly to the POS terminal. With a contactless card, your customers can quickly pay for their purchases, all they have to do is tap their card to complete the transaction. Your customers don’t have to wait for the receipt to print so they can sign. They don’t even need to enter a PIN, which saves plenty of time when they enter it wrong or can’t remember their number. This means it’s much faster for them to pay. No more waiting around to sign the receipt or punching in their PIN, increasing the speed of transactions. The reduction in processing time can improve your employees’ productivity. They may be able to serve more customers.
Most of All; We’ve already touched on a few of the advantages of contactless payments for your business above, but the biggest one is how easy it makes a payment. Improving customer satisfaction. Using contactless gets your customers out the door and back to their busy day sooner. It also means they don’t need to wait for the terminal to print a receipt, and having to sign the receipt.
Reducing Fraud and Improving Security
Another major advantage of a tap credit card transaction is the improvement to security. The card never has to leave the customer’s hand, which means it’s less likely to be stolen or lost. Your cashier doesn’t have to remember to hand it back at the end of the transaction. Most cards use chip technology designed to increase security. This makes it more difficult to steal their information, even during a transaction. Also, in an age of pandemics it reduces the need for the customer or the cashier to pass the card back and forth. It also greatly reduces the possibility of the business getting a charge-back by utilizing the chip technology in the card.
Compliance and Fees
Contactless payments also help you maintain PCI compliance. Most cards use technology that meets or exceed the standards set out by the Payment Card Industry’s Security Standards. There are no additional fees for a merchant who accepts contactless payments. If you accept credit card payments, adding contactless options is easy. All you need is the right credit card terminal or PIN Pad. Most new terminals accept contactless payments..
Contactless is the Way of the Future
Consumers around the world are embracing contactless payment. The number of payments completed with tap and pay credit cards is going to continue growing at a rapid rate. Is your business ready to get on board with the new payment wave? If so, talk to us. Our team of experts can help you find the right hardware to make contactless payment a reality for you.
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