Futureproof your business with a contactless card payment machine Future proof your business with a contactless card payment machine: The move away f
Futureproof your business with a contactless card payment machine
Future proof your business with a contactless card payment machine: The move away from the cash society is accelerating. The trend was already there before the global pandemic, but Covid-19 acted as a catalyst that saw millions switch to contactless payment methods.
Contactless payments were once seen as a novelty, served only by large outlets. It is now expected that all businesses, large and small, offer contactless payment options. A study in the UK showed a 35% drop in cash transactions in 2020, with only one in six payments now being in cash.
This means that businesses will need to adopt contactless technology to future-proof them. Investing in a contactless card payment machine could be the most enlightening business decision you make this year.
Arguments are inevitable and only get so far. Among numerous benefits, contactless card readers provide:
In 2019, anyone suggesting that hygiene is one of the primary reasons for switching to contactless payments will be laughed at. But COVID-19 changed everything; We are now well aware of the importance of role played by sanitation in curbing epidemics.
Since the start of the pandemic, consumers and businesses have made every effort to minimize personal contact. Banning the use of coins and banknotes was identified as an obvious area where this could be achieved. As a result, many businesses went completely cashless, and many consumers stopped carrying cash.
Efficient and convenient
Contactless payment options are quick and easy. In retail stores, that means shorter turnaround times, shorter queues at checkout and less time to match by the end of the day. One estimate shows that most contactless payment transactions are completed in 15-seconds, twice as fast as card payments.
For mobile businesses like hairdressers, appliance engineers and tradespeople, this means being able to pay even when customers have forgotten to prepare cash. (After all, cash is becoming scarcer by the day)
As a physical medium, cash is inherently insecure; It is vulnerable to theft and counterfeiting. Making it a perfect target for dishonest people in society. With less money at the cash register and fewer bank visits, cashless payments add a layer of security to your transactions.
Security has also been electronically enhanced. Strong encryption protocols and end-to-end secure connections negate the risk of hacking and other electronic threats.
Improves customer satisfaction
Customer satisfaction is important in business. Cashless payments reduce customer wait times, making contactless payments an ideal solution for businesses such as restaurants and retail outlets that typically have long wait times.
Additionally, accepting contactless payments shows that your business is sensitive to your customer’s changing needs and is receptive to technological changes.
Streamlined payment system and accounting
Tracking sales and earnings is easy with a contactless system. All transactions are automatically recorded, giving you an accurate and up-to-date figure of all your sales, which can then be imported directly into most accounting packages.
For entrepreneur, it frees them from the quagmire of cash solutions, allowing them to spend their time on more productive aspects of their business.