Member Article

Why contactless payment can boost your business

Why contactless payment can boost your business

There are currently 36.3 million contactless enabled cards in circulation in the UK, with an estimated 125 transactions a minute on VISA cards alone. This technology is expanding rapidly, with activity increasing at an average of 22 per cent every quarter.

So what are the benefits of contactless payment for you and your business?

1. Speedy Sales

Queues are bad for businesses; they make customers agitated and can sometimes put them off purchasing altogether if they haven’t got the time to wait to pay. Introduce contactless payment and transactions are complete in less than a second, dramatically reducing queue time and making for happy, contented customers. During busy times in the store, staff will be able to serve more customers and in turn will process more transactions.

2. In for a penny, in for pounds

Currently there is a maximum limit or ‘ceiling’ of £20 per transaction. This may seem like a restriction for the customer but research shows that actually being able to spend more than just the change in their pockets, has led to an increase in the average spend of customers. However, industry bodies are reviewing this limit which may enable customers to make payments of £20 and above.

3. Cheaper than chips

You may also require a new payment terminal, which is no more expensive than traditional chip and PIN. Once this is up and running the transactions will not cost you more, in fact on debit cards it attracts lower charges than chip and PIN. Plus, there will be savings on paper as it only produces a merchant receipt, so it’s good for the environment too.

4. Time to talk

Even though contactless saves time on transactions for both businesses and consumers, it doesn’t have to strip away all human engagement. As we know, it is important for businesses to develop relationships with their customers, especially for independent businesses who often rely on repeat business and word of mouth. Less time spent focusing on the mechanics of paying, frees up time to nurture your business.

5. Staying on top

Keeping up with new trends and habits can sometimes seem daunting but embracing them will enable you to stay on top of the payment game. With so many new cards and technologies coming on to the market all the time, it is time to see the benefits of them to your business, to make sure you are always moving forward and not leaving your stock on the shelf.

* Andy Macauley is Chief Operating Officer of Handepay, For more information on contactless payments, visit http://www.handepay.co.uk/news/understanding-contactless-payments?utm_source=bdaily.co.uk&utm_medium=Web-Articles&utm_campaign=Contactless-Payment-Whitepaper

This was posted in Bdaily's Members' News section by Handepay .