There is a revolution in the industry today, and it’s called contactless payments. Over £7.75 billion worth of payments in 2015 were contactless, and in February 2016 there were 63 contactless transactions a second. It’s clear that the dawn of the contactless card payment isn’t going anywhere fast, but that isn’t a bad thing. For businesses, it’s essential to embrace the revolution as quickly as possible, and here are the reasons why.
It’s Quick And Easy
One of the main reasons industry experts like NFC believe in contactless solutions is down to the speed. Unlike most payment types, there is no need to wait around to make a payment. A customer doesn’t have to type in their details, nor do they have to sign a receipt and wait for the cashier to get everything in order. All they have to do is press the card to the reader and wait for a few seconds. In today’s society, patience is not a virtue as customers don’t have the time to wait around. It might only seem like a small difference, but it makes all the difference to consumers.
More Payments = More Money
From a business point of view, the speed and ease of the transaction is also useful for companies as well as the customer. The fact that a store can only process one transaction at a time inhibits their ability to increase sales. The key is to speed up the process so that they can deal with more customers in a day. Contactless card payments do exactly that as they cut the time it takes for a business to process a transaction. Whether it’s a face to face transaction or a self-service checkout, there will be plenty more people going through the tills. Plus, there is no need to abandon a purchase because of a lack of money.
It’s likely that a small business will have an audit somewhere in their early life. And when that review comes, it’s essential that the firm can provide proof of their earnings. Any company which can’t provide evidence will get hit with a fine or even a jail sentence. The great thing about contactless payments is that it does all the hard work with regards to keeping accurate records. The reader prints off a receipt with all the information and the business just has to put the receipts together and give them to the taxman. It’s pretty easy, something which most companies won’t say when they are the subject of an audit.
Keep Up With The Competition
Even if a company doesn’t believe using contactless technology will help, they should still invest. The reason for this is that the competition will certainly invest, so a business has to if it doesn’t want to be left behind. Sometimes, running a successful company isn’t about what the boss thinks is right or wrong – sometimes, it’s about what works. For whatever reason, mirroring the competition works and has done for decades. Anyone that has reservations just needs to think, ‘what would my rivals do?’
Contactless technology is not only the present, but it is also the future.