Paying by card has become the norm for the majority of UK consumers. Gone are the days when the affluent and the eager-to-buy would carry around wallets filled with notes, and ladies would shop with handbags weighed down with an abundance of excess coins.
Security, safety, and ease of use have all conspired to help bank and credit cards take the place of cash, and this is a change that retailers have had to get on board with. Stores with no more than an old-fashioned till are a feature of the past, and no retailer will decline to accept this popular method of payment.
However, most of us will recall the days when cards were still viewed with suspicion, shops and eateries declining to accept them as payment, either through distrust or a lack of suitable technology.
Now, contactless is the new kid on the block, and here’s why your business had best upgrade in time for 2016…
What is Contactless?
Contactless technology has been around for quite a while now, yet many business owners remain ignorant of its particular nuances. It is no more than a method of paying for goods and services, either through cards, stickers, key fobs, watches, or mobile phones.
These devices are imbued with an antenna that can be touched against contactless terminals, to instantly transfer money from the buyer to the vendor. Although they cannot usually be used for purchases over £30, financial information is safely and securely transmitted via the cloud, helping to encourage quick and easy payments, with no risk to either party.
The Benefits of Contactless Technology
Although it could be argued that contactless technology is of more use to consumers than it is to retailers, it is still well worth your while to invest in it, with improved customer satisfaction being beneficial on its own merits.
However, this is not the cloud-based technology’s only selling point. The main aim and advantage of contactless technology is to make transactions easier, simplifying and speeding up the process for all involved. Sales can be made in an instant, with no time spent typing in PIN numbers or counting out money. As a result, queues are smaller, staff members find their job roles easier, and customers receive a quicker and more efficient service.
There is the added advantage of a paper trail. Although many consumers choose to pay for smaller purchases in cash – generally to avoid the rigmarole of typing in their PIN number – swiping a contactless device is easier yet, and thus even minor purchases are tracked and recorded by your bank, making accounting a much simpler task.
Perhaps most important of all, however, is the point that we mentioned above: improved customer satisfaction. Research has shown that customers prefer to shop at premises offering contactless technology, thanks to their reduced queues, quicker serving times, and simple payment process. Indeed, they will specifically search out those shops and suppliers who offer this payment method, helping to boost their income and popularity by the simple installation of the right machinery.
Can you really afford not to invest in contactless technology? Get your 2016 off to the right start and step into the future now.
