Millions of consumers in the UK are equipped with contactless debit cards, and the simplicity of tapping the card reader for purchases under £30 appeals to many. Businesses are investing and upgrading more and more into accepting these payments with a contactless payment machine. Find out how your business can benefit from accepting contactless card payments.
Research into contactless payments has shown that the transactions are carried out much faster than cash and chip and pin card payments, averaging about 12.5 seconds. The reduction in the time it takes to make a purchase results in shorter queues, increased revenue and more satisfied customers. You may also find that the efficiency of contactless means you require less staff even at peak times.
Consumers with contactless cards have been found to make purchases more frequently; up to 26 percent times more likely than regular cardholders. This means that retailers who accept contactless card payments are in a better position for seeing the increase in purchases, which can lead to loyalty with customers.
Being able to accept contactless payments is the first step to accepting smartphone payments, which is also on the rise. In turn, this will lead your business to a variety of marketing opportunities, as your contactless and mobile payments are part of your EPOS system. With data from contactless and mobile transactions, you can create a more personalised operation for your customers.
Safe and Secure
While there was a worry when contactless payments first emerged that they were not as secure as chip and pin, they are just as safe and secure, if not more so. They are processed through the same network, and there is protection through encryption. Additionally, there is less chance of forgetting to remove the card from the machine, as the card never leaves the customer’s hand. This also reduces the opportunity for fraudsters to steal the data from the magnetic stripe.
Contactless payments do not have to always come from the traditional plastic card, as it is becoming increasingly available to consumers in mini-cards or key-fobs. This means payments can be carried out even if the consumer has forgotten their wallet or purse, and does not mean you have to turn customers away.
Risks to retailers are also reduced with contactless payments like all card payments. There is an assurance of payment, and the card transaction also leaves an audit trail for your accounting needs. Risk management is also managed by the card or device if there are any issues.