- There are advantages and disadvantages to contactless payments
- Some of the things you might have heard about contactless payments are not true
- Contactless payments are being used more and more
As with any system, there are advantages and disadvantages to contactless payments. With the limit rising recently to £100 (read more here) it is important to make a well informed decision about your business.
Why is it good to use contactless payments?
Easy To use
Shorter lines, less time in store – better social distancing. Really important as we go into a more open and less restrictive phase of the pandemic. Your customers will thank you and your staff and you will have less exposure to them. Also – they will be used to efficiency and organised systems when we do open up. Our machines are also super quick so you will make the most of the technology to remove traditional ‘choke’ points for payments.
Safer Transactions
Chip technology is really secure. More so than any other type of payment. I guess they have to be – as there is a perceived risk because of the ease of using the technology.
Better customer experience
Customers want to handle things they don’t own as little as possible. They also don’t want you handing their cards – so contactless is quick, efficient and socially distant – a real win win for you and your customer.
No additional cost
Your fees are the same as for a normal card transaction – which we can help reduce (if we’ve not mentioned it before)
What are the disadvantages to using contactless payments?
Not enough acceptance
You can do something about this! More and more customers will expect to be able to use contactless cards or phones. From a customer point of view, having this as an option is an excellent way to appear up to date and safety conscious.
Security concerns
As a card can be used without a pin (with a limit) there is a risk if the card is stolen. Most banks cover your customers for this but it is a concern for people. The majority of banks will also require periodic pin entry to verify the card so this type of fraud can not be done on a large scale. There is no risk to you as the merchant though.
Mobile based contactless is different as bio security required, and this is included in our packages.
Why would you not accept contactless payments?
So if you want to make the transaction as smooth and painless as possible – include contactless payments in your offer. Plenty of your customers will thank you for it – especially with the current concern over social distancing and viral infection.
In addition, our packages are likely to save you money on your current provider – so get in touch quickly, see how much you could save on the quote builder or pick up the phone immediately to speak to one of our consultants.