If you run a retail business, either permanently based in commercial store premises or as a “pop-up” store, one thing’s for sure. You’re going to need to accept card payments from your customers.
Sure, you could run a cash-only business. But, you’d be cutting out a significant customer base that wants to buy your goods. For example, the U.S. Federal Reserve states that only 30% of consumers use cash for their purchases. 65% pay with debit and credit cards.
What’s more, most debit and credit cardholders use the contactless payment feature of their cards regularly. These days, virtually all retailers that accept card payments also accept contactless payments.
But why do contactless payments make sense for retailers like yourself? Well, it turns out there are five distinct advantages of offering this payment option to your customers. They are as follows:
1. Contactless payment limits are high
In some countries such as the United Kingdom, contactless payment limits are around $57 (£45 GBP). However, in nations such as the United States, there are no limits.
If you want to give your customers the quickest yet most convenient shopping experience, offering contactless payment options is a good idea. All consumers need to do is hover their card over the reader, and they can go once the transaction gets approved.
2. Contactless payments are a necessity during COVID-19
There’s no denying that the COVID-19 novel coronavirus pandemic has affected everyone globally. Everyone is adjusting to a new way of living their lives, and one such change is the reliance on contactless payment options.
Contactless payment terminals allow your customers to purchase your goods and services without needing to touch anything other than their cards. They also ensure customers don’t have to queue for long when they get to your checkout tills.
3. Smartphone owners use contactless payments
One of the great things about the digital payment revolution in the 21st century is how people don’t even need a physical card to buy stuff. Android and Apple smartphone users can use their NFC-enabled devices to make contactless payments.
As with physical debit and credit cards, all smartphone owners need to do is hover their smartphones over a compatible card reader. If you chose the best credit card reader for your business, it would offer contactless payment functionality as standard.
4. Contactless transactions are secure
Another advantage of contactless payments is each transaction is secure. Card issuers (i.e., banks and credit card companies) have fraud detection systems in place to minimize contactless card fraud.
For instance, such systems might include requiring users to enter their PIN on the keypad for high-value items or every 10th contactless transaction. What’s more, if a cardholder reports their card lost or stolen, thieves can’t make contactless payments on their accounts.
5. You’ll increase your sales
It should come as no surprise that making it easier for your customers to pay will result in higher sales figures for your business. Contactless payments are convenient for consumers and businesses alike and improve efficiency in retail stores.