How Contactless Payments Can Reshape Your Business’s Future

With the COVID-19 pandemic showing no signs of slowing down anytime soon, businesses of all sizes continue to be hit hard by this global phenomenon. As business owners look for innovative ways of dealing with this virus, contactless payment methods have become a win-win situation for both consumers and businesses.

In some cases, consumers refuse to shop at a business that doesn’t offer a contactless card payment in fear of contracting the virus. For that reason alone, this style of payment has become a necessity for businesses of all sizes.

Although it’s not new, many businesses have neglected this style of payment in recent years. Today, we’re going to discuss what is contactless payment for business and how it can help your business thrive through these difficult times.

What is Contactless Payment for Business?

One of the leading innovations of the modern world is finding new ways of having technology communicate with other technology without needing to be connected to each other via wires. It’s what made Bluetooth so famous and is the leading concept behind what is contactless payment.

Utilizing something called near field communication, contactless payment works when one device (generally a smartphone) communicates with another device (generally a payment terminal) to initiate a transfer of funds. Consumers can also use a credit card with a contactless chip on it or use wearable technology.

The three most popular ways of utilizing this technology are with Apple Pay, Google Pay, or Samsung Pay. If you’re using one of these mobile wallets on a phone, you just need to wave the phone near the terminal and you’re all set to go.

Are There Benefits With a Contactless Card Payment?

Contactless card payment continues to be the preferred method of the transaction between consumer and business, especially in the age of COVID-19. It’s an effective way of transferring funds without needing to exchange cash, touch a keypad, or swipe a card.

Let’s take a look at some of the major benefits behind the contactless card payment craze: 

1.   Simplicity

When using contactless payments, the customer just needs to wave their device or card near the terminal. It’s a transaction that’s extremely easy for the customer, but also requires no work by the employee.

2.   Speed

With the COVID-19 pandemic forcing businesses to limit inside traffic, it’s more important now than ever to keep your lines moving. Since contactless payments are quick, your lines won’t get backed up and it will be much easier to follow social distancing guidelines -- even after the pandemic has slowed down.

3.   Safety

Anytime you bring cash into the picture, it requires a handoff between customer and employee. This increases the risk of cross-contamination among people without symptoms. The same goes for credit card users due to the keypad, except it increases customer to customer contamination.

4.   Security

Contactless payment methods utilize EMV chip technology, which was created by EuroPay, MasterCard, and Visa. It’s the most secure payment technology out there right now and is the global standard, so you know it can be trusted. There won’t be any personal information at risk and fraudulent cases will be limited.

5.   Savings

Offering contactless payments at your business allows customers to link their mobile wallets to certain rewards programs you set up. This allows for better customer engagement with your business and helps increase sales. In addition to that, you’ll gain valuable customer insight and analytics that help you further enhance the experience for your customers. 

6.   Service

Customers like options, especially during these difficult times we’re in today. Not only that, but they also want to know their needs, demands, and safety are being taken into consideration. Offering contactless payments at your business helps you satisfy all of these demands and keeps the customer happy -- which is the top priority.

If your business needs assistance setting up contactless payments at their business or you want to learn more about how it can benefit your business, call the professionals at Consultants In-A-Box today.

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