Is it worth my small business using a contactless card reader?
Find out why a contactless card reader is worth it, especially for smaller value transactions
Quick Links:
> Is it worth my small business using a contactless card reader?
> The stats behind the rise in contactless payments
> Contactless card readers are faster and more convenient
> Consumers aren’t just using contactless cards
> You can process more payments throughout the day
> Worried about contactless card reader fees? Don’t be!
Contactless payments are steadily becoming more popular in the UK (rising 147% between 2016 and 2017 alone).
And not just through shoppers’ use of contactless cards.
Today’s consumers have adopted all kinds of contactless payment methods, using mobile wallets on everything from phones, smart devices and wearable technology.
Even before the events of the last few months, contactless payments were already being used more often.
Last year, card and contactless payments officially became the most used payment method in the UK, according to UK Finance.
As an independent business owner, is it worth investing in a contactless card reader?
This blog will look at the benefits your company could get from investing in a contactless card reader and answer any questions around this convenient payment technology.
The stats behind the rise in contactless payments
According to Mastercard, 66% of transactions are now made using contactless card payments, with 83% of those surveyed agreeing that contactless is a better way to make payments.
Contactless card payments have been on the rise for the past few years, but the last few months have increased their use exponentially.
Contactless card readers offer the perfect solution, with governments and the World Health Organisation recommending their use.
One in 10 shoppers have made a contactless transaction for the first time since the outbreak of COVID-19, and 45% of shoppers reported using this simple and safe payment type more often during the pandemic.
Even though contactless card payments were already on the rise, consumer habits have changed dramatically in a short space of time.
Contactless use is accelerating, so it’s vital that businesses of all sizes adapt their payment process.
Investing in a contactless card reader will allow you to future-proof your business as this trend continues.
Contactless card readers are faster and more convenient
If you’re an independent business owner, chances are that customers value your high levels of personalised service.
However, large chain stores are constantly adapting to new payment trends, with bigger budgets allowing them to prioritise speed of service.
Contactless card readers are convenient, both for businesses and consumers.
Shoppers can move through the checkout process faster than using Chip and PIN or cash, while businesses can shorten queues and reduce cash handling.
Keeping up to date with larger brands and the latest payment trends may seem out of reach for independent businesses.
However, contactless card readers can make a huge impact on payment speed and customer experience, whilst remaining affordable and hassle free.
As long as you pick the right merchant services provider, your business could be accepting contactless card payments in as little as three days, at a cost-effective price.
Consumers aren’t just using contactless cards
Around a fifth of payments made to global businesses were made using mobile wallets and other contactless technology last year.
That figure is expected to rise to more than 25% by 2022.
In the UK, just less than a fifth (19%) of the population has now adopted some kind of mobile payment, according to eMarketers 2019 Global Payment report.
While about 28% of payments are still made by cash today, that is expected to fall to just one in 10 in the next decade as tech-savvy shoppers take advantage of more convenient payment methods.
These include mobile wallets, such as Apple Pay, Android Pay and Google Pay, on their smart devices.
The rise in contactless and mobile payments is higher in big cities, especially London where contactless technology has been adopted for public transport.
However, the UK trend for convenient contactless payments is only going to increase, so it’s vital that business owners are forward-thinking when it comes to their payment process.
It’s important that you make sure your business adapts to new payment trends, accepting the payment methods your customers expect to use.
You can process more payments throughout the day
There are many advantages to shopping local, rather than at national corporations. Consumers may want to avoid delays at bigger chains, appreciate your convenient location, or prefer your unique goods and services.
However, long queues and limited payment options can be off-putting, and not allowing your customers to pay how they want could cause you to lose sales.
A faster and more seamless check-out experience doesn’t just mean reduced queues, it also gives you the opportunity to serve more customers.
Contactless card readers allow you to introduce a simple, fast and reliable payment process.
Not only will you benefit in a more efficient payment process, but increasing sales opportunities means higher profits.
Worried about contactless card reader fees? Don’t be!
Here at Handepay, we’re dedicated to helping business owners offer the best payment solutions, at cost-effective prices.
All of our low-cost card machines are contactless-enabled as standard, giving you the benefit of faster transactions and improved return on investment, whether you need to take payments in-store or on the road.
Whether you want to get started with your first contactless card reader or want to upgrade your payment process to accept contactless transactions, we can help.
Take a look at our range of simple contactless card readers and discover the best solution for your business!