What to Know About Contactless Payments

Anytime a small business considers adopting a new technology, they should consider the needs of their customer. Given the rise in digital wallet usage, stores of all sizes will have to address the issue sooner than later – and decide if they will adopt it.

What are the key issues that small businesses need to consider when deciding whether or not to offer contactless payments to their customers? Should they consider cost, technology requirements, benefits, security and other concerns? Yes, absolutely. But, in short, it doesn’t cost any more for the transaction. It’s secure. It is what the customer expects.

Chances are if you are a consumer, you have used Apple Pay, Google Pay, Samsung Pay or a mobile app to make a secure payment. Many experience the world of contactless payments daily and are very comfortable with using the technology. The emergence of contactless payments apps through mobile devices as tools for contactless payments is an opportunity for businesses to leverage the technology to improve operations and boost sales. And, small and medium business owners should prepare for the change.

What are the benefits for the small business owner?

• A major benefit is that contactless payments can be conducted much faster than traditional transactions.
• They are more convenient for both the business and the consumer, who can simply wave a card or smartphone by a terminal, no PIN or signature needed.
• Contactless payments can also improve customer service and the overall shopping experience. In places like restaurants and hospitality, consumers will have shorter lines and get their food or service a lot quicker too- leading to significant gains in efficiency and productivity.

The shift to contactless payment technology is opening up new opportunities for small businesses to strengthen customer loyalty and increase sales.

Contactless is a rising phenomenon in the world of transactions. PYMNTS.com reports that in 2019, contactless payments in the UK increased by 31 percent. They go on to predict that “one hundred fifty million U.S. consumers are expected to use in-store mobile payments by 2021.”

So much so that many businesses need to view this emerging form of payment as one that will eventually become ubiquitous and one they need to equip themselves for today rather than tomorrow. Better to be ready for when the customer sees it as an essential practice to equip their business with the technology.

If you’re new to using contactless payment solutions, don’t worry. Accepting contactless payments is an easy process, and companies like Payway can help get you started.