How can a contactless card reader benefit your independent businesses?

How can a contactless card reader benefit your independent businesses?

Does your business make a lot of sales under £30? Do you have busy periods and long queueing times? A contactless card reader could be the answer to your problems!

Almost half of UK consumers carry less than £5 in cash. Contactless payments are increasingly commonplace. 17 billion contactless transactions were made last year in Britain.

The ‘tap and go’ payment style is now second nature to consumers. A quarter of those surveyed stated that they wished to ditch their purse or wallet. 14% revealed that they have stopped carrying cash.

This increased adoption is due to the surge in mobile payments. The number of contactless payments on a mobile device tripled in the past year. A study by Visa found that 54% of European consumers now regularly use a mobile device to pay. This is an increase of 36% from last year. Smartphone-based payment services, like Apple Pay and Android Pay, may replace contactless cards in the future.

Using a contactless card reader can benefit your business in many ways. Find out how below:

Queue busting

Independent businesses with frequent busy periods often find that their payment process can get stalled. In peak times, long queues can form at the till.

Customers using contactless cards can complete transactions quickly, as they don’t have to spend time counting money. This allows for a reduction in queue times.

Increased revenue

It is well known that when consumers pay on card, they are more likely to spend larger amounts and make more transactions. By installing a contactless card reader, customers can make more low-value impulse purchases.

Businesses using a contactless card reader receive fewer abandoned sales. The convenience of contactless allows customers to pay without requiring the exact change on hand.

Reduced cash handling

Business owners with a contactless card reader spend a less time dealing with cash. Traditionally, card payments were reserved for large purchases. Since the introduction of contactless, there has been a shift in the way consumers prefer to pay.

Even the smallest of purchases can be now made on card. This means that contactless card terminals allow business owners to spend less time performing end of day operations. The reduction of change in the till results in a lower risk of theft and loss due to mistakes.

Improved customer experience

In August 2016, 21% of all card payments in the UK were made on a contactless device. The payment style is now expected as part of the everyday shopping experience. Ensuring that customers have the best possible shopping experience is a vital part of gaining repeat custom.

By making everything as simple as possible, visitors to your business will be more tempted to return. A contactless card reader allows for hassle-free payments, meaning a quick check-out service.

 

Could your business benefit by accepting payments on a contactless card machine? Take advantage of the rise in contactless spending by upgrading to one of our terminals.

Each Handepay card machine supports the latest technology, including contactless cards, Apple Pay and Android Pay. Talk to one of our friendly advisors and see how your business could benefit!