Key benefits of accepting contactless card payments in your business
Contactless card payments can make your business more productive and improve the customer experience, here’s how
Around a quarter of card payments in-store were made using contactless technology at the beginning of 2020, totalling roughly £3.3bn every month, according to the UK Cards Association.
Due to the COVID-19 pandemic, the use of contactless card payments soared during the summer of 2020, with many retailers opting to go fully cashless.
Even the World Health Organisation recommended using contactless card payments as a means of making safer payments during the crisis.
It’s a far cry from the days when customers would drop a pocket full of change on shop counters, painstakingly counting out what they owed.
Cash usage is falling each year, with only 1 in 10 shoppers paying using coins and notes each month reported last year.
Even Chip and PIN, a major leap forward in payment technology, often led to embarrassing moments with customers struggling to remember yet another security PIN, while impatient customers formed long queues behind them.
Contactless card payments have made in-store payments far easier for businesses and shoppers alike, improving customer experience while removing many burdens on companies, giving them the chance to be more productive with their time.
If you’re still on the fence about whether to start accepting contactless card payments in your business, check out these top benefits and see if it changes your mind.
Better customer experience
Waiting in a long queue to pay for your shopping is frustrating, especially when you’re in a rush. Offering contactless card payments provides a much more
seamless user experience.
With contactless payments processing in a matter of seconds, they are the perfect way to improve customer experience. Your customers can simply tap their card to pay and get on with their day.
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It’s safe and secure
Accepting contactless payments allows you to minimise cash usage and handling.
Not only does this shorten the amount of time ‘cashing up’ at the end of a busy day, but you’ll also reduce your risk of accepting counterfeit money.
Your customers can rest assured that their payment is secure.
Contactless cards and mobile wallets are equipped with strict security
It’s more hygienic
Improved payment hygiene has always been a benefit of contactless payments, but it’s currently more vital than ever.
The COVID-19 pandemic has changed how both consumers and businesses operate, with consideration now being given to social distancing and reducing contact with others in public.
Paying using contactless eliminates the need to touch a physical card terminal, giving you and your customers peace of mind when transacting.
Mobile wallets are increasing in popularity
Cash or card used to be the only way to pay, but increasing numbers of consumers are now using other payment methods, such as mobile wallets.
Apple Pay, Google Pay and Samsung Pay are the three most well-known mobile wallets, installed as standard on many mobile phones and smart devices.
They allow customers to use a digital version of their contactless card to make a payment, using secure encryption and biometric approval methods, such as fingerprint or facial recognition.
It is predicted that by 2023, 25.5% of smartphone users will make at least one mobile payment in a six-month window.
Failing to adapt to contactless payments means that you could miss out on potential customer demographic.
Increased transaction value
This summer, the contactless card payment limit rose again to £45.
The limit for mobile wallet payments can be unlimited in some cases, with a maximum transaction value determined by a shopper’s acquirer.
Offering contactless is a huge benefit to businesses whose average transaction value is below the new threshold.
Shoppers are no longer limited to the cash they are carrying, and contactless payments allow for quick, impulse purchases with higher cash value
Customers expect contactless
Let’s be honest, most customers’ first instinct now is to tap their card against a machine rather than pay using Chip and PIN.
It can be quite the surprise if a business doesn’t offer contactless payments.
Making sure your business stands out and gives the best impression possible is essential to winning repeat custom and can be aided by adapting and improving
your payment process.
All Handepay card terminals are contactless enabled as standard, accepting contactless cards and mobile wallets.
We provide the perfect in-store payment solution at cost-effective prices, to help you improve customer experience and maximise sales.
Find out more about contactless card payments and discover the perfect contactless payment solution for your business.