Here’s Why You Need to Accept Contactless Payments

5 Oct 2018
Turnkey
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small shop paying

Small retail and service shops thrive on the ability to serve local customers and deliver exceptional experiences at each visit. The goal is to keep those customers coming back in the future and telling others about the excellent service they’ve received.

A winning combination or great staff, quality offerings and tools to support those experiences are all necessary to get the job done.

Regardless of the type of business you own, though, one thing you’ll share with others is the need to accept payments. Point of Sale (POS) systems have come a long way today and offer advanced capabilities like processing credit and chip card payments, the integration of apps to help with administrative and business management tasks and can even be connected to peripherals for payments on the go – and so much more.

Mobile commerce transactions are where the future is headed.

According to one recent study, mobile contactless payments will surpass $1 trillion worldwide this year.

That number makes sense when you consider that today’s consumers are using their mobile devices to do everything – including pay for things.

How Contactless Payments Work

Mobile payments, as the name sounds, allow customers to pay for goods and services using digital wallets stored on their mobile devices. Apple Pay, Samsung Pay and Google Pay are just some of the options available for mobile users today.

For the transaction to take place, it literally takes just the simple tap of a phone to the payment device.

A combination of RFID technology and Near Field Communications (NFC) is used to capture and transmit data for a payment. It takes only seconds and the payments are encrypted so they’re actually safer than hard cash or using a card that can physically be lost.

Mobile payments are no longer a trend as more and more consumers are turning to the payment option.

A report from eMarketer notes that, “The number of U.S. consumers that use contactless mobile payment will grow 14.5 percent to 55 million this year” and that, “over 25 percent of U.S. smartphone users ages 14 and older will make a proximity mobile payment at least once every six months.”

As a business owner, success is dependent on paying attention to changing consumer preferences and adapting to meet their needs. Contactless payments improve customer experiences because you’re now accepting the payment option they have chosen and your lines will move quickly (think busy season). Since customers are going to get faster gratification from their purchases, it also increases the likelihood of repeat and increased sales.

At Turnkey we know payment processing inside and out. We’re monitoring and staying ahead of the trends and we’re here to help you whatever your goals are. If you’d like to speak to one of our Solution Advisors to find a payment technology product that works for you, get in touch using the form below. We look forward to speaking with you!

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