Benefits Of Having Contactless Payments In Retail
The population of people that use traditional forms of payment methods to complete transactions is fast dwindling. Cash was a popular form of payment a few years ago. Today, contactless payment methods supersede it.
Novel coronavirus made customers apprehensive about coming into physical contact with anybody and anything. Because of that, buyers decreased using cash to purchase products as the virus can transmit through them.
Even as the pandemic is on the decline, customers continue to use contactless payment methods over cash. And parallelly, retailers are happy to accept contactless payments. Many factors attribute to this scenario. The end of the pandemic will not affect this development, as customers and retailers will continue to use the new mode of payments. It is a good idea to implement contactless payments with a POS billing software solution.
In this article, we briefly look at why retailers and customers are extensively using contactless payments. There are many benefits to using them. Let’s get started.
What are contactless payments?
These new payment modes are becoming the most used rapidly. Before we delve into the advantages of using them, let’s understand what they essentially are. Long gone are the days when cashiers and customers exchanged cash notes. Now it is possible to complete transactions without touching anything like hands or payment terminals.
Near Field Communication (NFC) and Radio Frequency Identification (RFID) are the technologies that enable this concept. There are various contactless payment systems. They include credit and debit cards, smart cards, and smartphone devices. The cards have a chip in them that transmits radio waves to pay for something. Smartphone devices, on the other hand, complete payments online.
Why customers are increasingly preferring contactless payments
Retailers can accept contactless payments, provided customers are using them. And customers are taking a liking to use payment modes that avoid physical touch. Let’s understand the reasons for this.
Contactless payments allow customers to pay for things and services without having to wait for a payment terminal. Mobile wallet payment services such as Google Pay lets customers scan a store or service’s QR code and make the purchase. When it comes to cards, customers with chips embedded in their credit/debit cards can simply tap it on an NFC-enabled terminal for payment. They are fast and efficient ways of paying for goods and services.
Advantages of contactless payments for retailers
For any retail store to succeed in modern times, it is crucial to adopt contactless payments in addition to other payment modes. We recommend stores integrate contactless payments into their stores using cloud-based POS software. By doing so, retailers can enjoy a broad range of benefits that will boost the prospects of their stores. Let’s look at what they are.
Traditional payment terminals are expensive. In addition to the acquisition costs, they also require regular maintenance. That adds up to the store’s expense. Switching to contactless payment frees retailers from such financial commitments. Moreover, it raises customer satisfaction as customers can pay in any contactless mode they want.
Contactless payments are far more secure than traditional payment modes. The chips used in contactless debit/credit cards cannot be counterfeited easily. And contactless terminals only accept payments when a payment method is close by. It makes it difficult to accept payments from a far-off distance. This makes contactless payments highly secure.
Long checkout queues are frustrating for any customer. What makes the wait even longer is complications in entering payment details. Incorrect pins, faulty cards stall, and lengthen the checkout wait time. Stores can eliminate this problem with contactless payments. This way, all customers have to do is tap their cards on the payment terminal. The terminal collects the correct amount.
Cash changes a lot of hands. Bacteria and viruses fester on them as they keep moving from one place to another. That is hazardous, especially during the ongoing pandemic. This is not the case with contactless payments. They prevent the spread of any sort of virus or bacteria, making it a more hygienic way of completing transactions.
Contactless payments are a must-have in today’s retail stores. If you run a store and haven’t implemented it yet, it is high time. At SmartPoint, we offer a holistic POS system called SmartPoint. It is packed with a wealth of store management features in addition to a world-class contactless payments system. Get in touch with us to know more.