Contactless systems are becoming increasingly popular, with contactless payments now accounting for a quarter of all payments processed in the UK. These systems work via near field communication (NFC) or radio frequency identification (RFID) through a microchip, allowing fast payment with just a swipe – no need to sign or enter your pin.
For business owners, it may seem like a bit of a fad and an unnecessary upgrade. But, if you own a start-up or a small business and are considering what form of payment method to offer customers, here are some benefits of using contactless payment terminals that may just sway you.
Faster and Smoother Transactions
While Chip and Pin transactions are relatively quick, contactless can drastically increase the speed of payment. Now, you can make a contactless payment without even having you take your card out, or by simply placing your mobile phone screen or fob on the terminal. This reduces waiting times and allows customers to pay in a way that is more convenient.
Less Risk and More Security
The signature was replaced with Chip and Pin, which has now in turn, started to be phased out by contactless systems. While some have had fears about potential safety issues, contactless payments actually offer a higher form of security, as the process uses encryption and unique transaction numbers, making it harder for fraudsters to get your details.
Allows for Easy Improvements
As long as you have a contactless terminal installed, you are making your business available to new and improved updates. In addition to debit and credit cards, this is particularly true when it comes to smart phones. With new software and apps being created all the time, having a contactless terminal allows for innovative and more efficient methods of payment.
Lower Operating and Maintenance Costs
Although the expensive of purchasing a contactless machine may be off putting to some businesses, the upgrade will soon pay for itself – alternatively, you could consider renting a contactless terminal. While the outlay may be a little pricey, the upkeep is relatively small, as contactless terminals typically have low maintenance costs and a low rate of payment failure.
Upgrading to a contactless payment system can be a fantastic option for businesses, as they offer more security, faster transactions, easy improvements and low maintenance. Plus, as a form of payment that is growing in popularity, it is a great long-term investment.