How Contactless Card Payments Could Benefit Your Business

The chip and PIN terminal has taken the retail world by storm, but now it has some new technology snapping at its heels: contactless card payments.
Contactless methods are becoming increasingly popular on Britain’s high streets, with growing numbers of consumers choosing to use them over more traditional payment alternatives. Quick, easy to use and convenient, they carry many advantages for shoppers.
For retailers, as well, they carry a multitude of benefits – could these make them an ideal investment for your business?
Read on to find out more…
Benefit #1: They Boost Revenue
A boost in revenue is a boon to be welcomed by every retailer in existence, and contactless card payments are a fantastic means of delivering it. Research has indicated that when consumers have the option to pay by any type of card, they will almost always spend more and conduct more transactions. Additional studies have suggested that those who hold contactless payment methods (over 48 million at the last count) will actively seek out merchants who accept them, helping these innovative traders to boost their profits.
Benefit #2: They Help You to Meet Your Customers Needs
As we mentioned above, over 48 million cards in the UK are compatible with contactless payment methods, and thanks to their many benefits, those who hold them can and do want to pay this way. Investing in this technology means that you can deliver the service consumers want, increasing customer satisfaction and ensuring repeat business.
Benefit #3: They Reduce Queues
Chip and PIN terminals have helped to drastically reduce waiting times in Britain’s shops, and contactless payments are even quicker. If customers can take advantage of this technology, it significantly reduces the time it takes to serve them, helping to improve not only their individual satisfaction, but also that of any customers behind them. Even better, not only can you save time through not having to deal with money or wait for consumers to type in their pins, but these transactions also go through much quicker than alternative methods – in under a second, according to figures from the UK Cards Association.
Benefit #4: Less Cash Handling is Required
Although many people might shrug their shoulders when they first read of this benefit, a little time spent thinking it through will reveal that it’s more useful than you might first have thought. The less raw capital your company has to handle, the more time you’ll be able to save serving people, speeding up your service. The potential for cashiers to make mistakes will also be reduced, and less time will need to be spent on tasks such as cashing up. Additionally, you’ll have a readymade audit trail that will make things much easier when it comes to working out your taxes.
Could a contactless payment terminal benefit your business?