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Taking Contactless Payments

Customers appreciate efficiency and convenience, which is why contactless payments are a popular method. They also save you time and help drive up productivity. Each contactless transaction helps make it easier for you to get paid faster and keep track of your business.

The technology utilizes the same Near Field Communication (NFC) technology as mobile wallets like Apple Pay and Google Pay. 

Save time, grow sales, find insights

The number of contactless transactions increases each year as more consumers welcome the convenience of contactless payments.

Accepting digital or contactless payments for your business can help you:

• Better understand your business and allow you to spot customer trends. For example, you can get a record of all the contactless payments made into your bank account, how much they were for and what time and date they were made.
• Downloading a spreadsheet of your payments at the end of each month can help you spot patterns in your business.

These insights can help you make informed decisions about running your business and promoting your services.

Contactless productivity gains

As you know, the time waiting for a customer to be invoiced, paying in either cash or remembering their PIN, and receipt queries, soon adds up. Going contactless has several benefits, such as:

• Significantly reducing transaction times, allowing customers to pay by simply tapping their card or mobile device on a terminal.
• Shorter lines and quicker service, improving customer satisfaction and increasing the number of transactions that can be processed in each time frame.
• Encryption and tokenization technologies provide an additional layer of security compared to traditional magnetic stripe transactions.
• Security features that reduce the risk of card skimming and fraud, as card information is not exposed during the transaction.
• Higher customer satisfaction and repeat business.
• A reduced risk of errors associated with cash transactions, faster bank reconciliations, and less temptation for theft and cash-related security concerns.
• Integrating with loyalty programs and digital wallets to offer personalized promotions, discounts, or loyalty points seamlessly, fostering customer engagement and repeat business.
• Gaining insights via transaction data into customer behavior, preferences, and buying patterns.
• Demonstrating adaptability to changing consumer preferences and contributing to the overall image of the business as customer centric.

While there may be initial costs associated with adopting contactless payment technology, businesses can save money over time by reducing the need for physical infrastructure related to cash handling, manual payment processing and improved operational productivity efficiency with labor savings.

Get paid immediately

If you are a mobile business or serve customers in their homes, accepting digital payment means that you can get paid on the spot. This is significant because:

• Most customers do not have a large amount of cash on them or have the correct change. Digital payment options make things easier.
• If you find you’re spending time chasing invoices, offering a mobile option can remove the need to invoice. In addition, with contactless card payment options, you can avoid bad debts and payment delays.
• Instant payment simplifies cash management, decreases the need for frequent bank visits, and minimizes the risk of cash theft or loss.
• Automating payments through contactless technology reduces the risk of human error during the transaction process.

Next steps

• Set up a secure process to reduce the need to invoice customers, such as accepting deposits or pre-payments.
• Conduct a payment fraud audit to identify where in your business you’re vulnerable and then take steps to reduce the chance of it happening.
• Talk to us about setting up a contactless payment option.

Offering a contactless payment option modernizes your business and brings it into the digital age.