How can contactless payment solutions help your business grow? Technological advances are rapidly changing the point of sale (POS) experience for both buyers and sellers. Mobile wallets, credit cards, and key fobs are popular methods of payment while the traditional cash register is quickly becoming a thing of the past.
Contactless payment with wireless POS terminals is redefining business all over the world by ensuring fast and secure consumer payments. Indeed, transactions are smoother and more accurate than ever before. But contactless payment and wireless POS transfers do much more than that.
Wondering how contactless payment will benefit your business? Here’s what it can mean for your company.
Benefits of Switching to Contactless Payment Solutions
More and more people prefer quick, hassle-free modes of payment. But how does contactless payment help a business?
First, how does contactless payment work?
Contactless payment has been around since the mid-‘90s. It is built around a simple concept: customers make payments by tapping a POS device. This is achieved through NFC (near field communication) technology, which uses a radio frequency to enable the card to communicate with the POS devices wirelessly.
This method is quick, accurate, does not require the customer to swipe their card or enter a PIN, and is completely contactless. According to one report, 42% of Canadians report that COVID-19 has changed their payment preferences. And they see themselves choosing contactless payment services over any other method of transaction in the future.
This has led to a steady decline in the handling of cash, payment terminals, and ATMs. In fact, this emerging trend could be the future of digital payments. So changing to a wireless POS terminal is making sense to more and more businesses worldwide.
Now, let’s have a look at some major benefits.
Fewer Chances of Fraud/More Secure Transactions
When using this method for transactions, the card never leaves the customer’s hand. While you still need to use a PIN, it can be done through your mobile phone. Moreover, the chip technology present in these types of contactless payments is more secure.
Both contactless cards and devices come embedded with multiple layers of security that protect the customer as well as the merchant against fraud. Any fraudster attempting to make a dubious transaction will immediately tip off the cardholder as they will encounter a glitch and the card cannot be used. This increases the chances of the fraudster being caught.
No Extra Fees for the Retailers
Worried that switching to a contactless payment system will mean incurring additional fees? Many small retailers don’t switch to contactless payments because they feel they will have to pay more per transaction. Those concerns, however, are unfounded as you pay the same fees you would with a regular credit card transaction. This means your business won’t take a financial hit if you switch to contactless payment.
Getting Your Business Future-Ready
As stated, current trends indicate that wireless POS terminals will become a staple. If you are a small or even a medium-sized business, it is best to adopt this technology for your future.
Investing in a wireless POS terminal will enable you to accept a wide range of payments such as Google Pay, Apple Pay, credit cards, and more. This will help to expand your customer base, meaning more revenue.
Increased Customer Satisfaction
All successful businesses know that customer experience is everything, and contactless payment helps to achieve just that. Reducing the wait time to pay improves customer experience dramatically. It also reduces the paperwork required for shop owners to complete the billing process.
Digital information is much more accessible and accurate, lessening the chances of bookkeeping errors. It also helps to perpetuate a positive image about the business among customers, who tend to note which businesses keep up with new technology. This shows that they care about their changing needs.
Great Marketing Strategy
Offering rewards or discounts on contactless purchases helps to improve loyalty. This creates an incredible opportunity for all kinds of businesses to build their marketing strategy and increase revenues. Customers will always choose a business that offers value and convenience.
Creating such marketing strategies can be very profitable for businesses. There are lots of companies that provide digital loyalty programs to boost sales and motivate customers to switch to digital payment systems. The Starbucks loyalty program, for instance, rewards customers who make purchases using in-app payments.
Switching to a wireless POS terminal will help build your business. Indispensable for companies of all sizes, contactless payment can change your business for the better… and the smarter. It opens up a plethora of opportunities and helps you reap the benefits. No special skills are required to conduct these types of transactions, nor do you have to be an expert in payment security to integrate in-store credit card payments.