It was very recently announced that the maximum transaction value for contactless card payments in the UK is going to rise to £30, which means that a lot more retailers around the country are going to start thinking about whether they too should invest in the technology. It does cost a little more in the beginning, as contactless terminals are a lot more advanced than traditional chip and pin, so what are those benefits, and is it worth it?
This is the major bonus of contactless, and it’s almost worth it on its own. Instead of your customers having to sign or enter their PIN, and wait for the transaction to be processed, they can simply tap their credit card or smartphone and things are done almost immediately. Often in less than a second. This makes life much easier for you, as it means you can serve more people in a shorter space of time and are less likely to have slow customers who’ve forgotten their pin or can’t figure out how to put their card in the machine. Of course, your customers too will appreciate shorter queues when it comes to making payments.
Card payments are far more secure than cash, because you don’t need to store anything, so it’s certainly something to be encouraged. There’s also no need to worry about fraud, because you won’t be taking forged bank notes, and the major card providers Visa and MasterCard ensure that you are covered against any kind of card fraud too. For your customers, there are many safeguards in place to protect them too, so they will become increasingly comfortable using the technology.
There’s nothing more annoying than connections going down that mean either you cannot take card payments, or it takes a very long time for them to be processed. Contactless terminals are a little different in that they can actually store the relevant details and process them once the connection is back, which means you’re never without means of receiving card payments for relatively small value items and orders.
You can find out more about the terminals themselves here. In an age where consumers demand speed, contactless technology in your business could well give you the edge over your competitors, and generally make life easier and quicker for both you and them. There’s simply no reason not to update.