The buzz about contactless payment is not one to overlook as it offers quite a number of benefits to businesses. It allows customers to pay for services using private payment information that’s shared through a card or personal device. The card is used on a card reader through radio-frequency identification while personal devices are used with near-field communication.
Contactless payment does not require customers to type in a pin, handle cash or touch any surface. All they need to do is hold or wave their card close to the reader at the point of sale. Read ahead to find out if your business can use contactless services and the benefit enjoyed from doing so.
Is Your Business Ready for Contactless Payment?
Point-of-sale has been a platform for face-to-face interactions and business transactions for years until now when there is contactless payment. People no longer need to be in close proximity or touch the same surface as cash and card terminals.
Many businesses have to adopt this new way of limiting physical contact with customers. Whether your business is small or big, introducing contactless payments will greatly impact customers’ and employees’ risk of potential infection. You can leverage this payment method by sanitizing card readers and other surfaces as a safety measure for your employee and customers.
Benefits of Contactless Payment for Business
- Customers Convenience
This contactless payment is one of the most convenient payment options for customers as it processes payments faster. Additionally, it doesn’t require customers to provide pins, sign their names or other payment processes required for traditional POS systems. This will help to improve the customer experience for your business. With contactless payments, customers can access multiple accounts without having to carry physical cards for each account.
- Safety and Security
Contactless payments can exceed credit card transactions, which is why mobile service providers have strengthened the security of the payment method. Mobile wallets like Apple Pay, Samsung Pay, and Android Pay are more reliable and secure than physical debit or credit cards. The steps required to use your mobile wallet for payment increase the level of security and minimize the possibility of fraudulent transactions. Additionally, account activity can be frozen if a device goes missing or is stolen.
- Easy Bookkeeping
Bookkeeping is an important aspect of running a business as it allows you to pay bills, invoice customers, and share your payments with your accountant easily. Using contactless payment as your payment method, your business can boast of better cash flow management. When you introduce mobile payment to your business, you can enjoy reduced costs of bank charges and overheads. The bookkeeping benefits that your business will enjoy from using mobile payment include a zero need for data entry as everything is already in the system and a reduced backlog of invoices and receipts.
- Better customer experience
No one wants to spend time waiting to enter their pin or signing their name for record purposes. This makes mobile payments one of the best ways to improve customer service for your business as it helps customers to reduce wait times. Mobile payments help to speed up the transaction and check-out processes, making it a convenient solution for businesses and their clients.