Should Businesses Be Accepting Contactless Payments?

The past year’s pandemic has forced businesses to adapt to a host of new guidelines and restrictions. Worse, due to other factors like coin shortages and the inability to disinfect, cash payment is on the decline. Even traditional payment by card has its risks.

Necessity has ever proved the mother of invention. So, we have a host of contactless payment choices available. Should your business transition to accepting contactless payments? We would argue that, yes, it should. Here’s why.

Lower Risk of Fraud

The greatest benefit of contactless payment is its reduced risk of fraud. The customer’s card will never leave their hand, and if they must enter a PIN code, they can do so from their phone. This makes the payment more secure and exposes the customer to less risk of fraud or identity theft.

More Streamlined and Efficient Operations

Contactless payments can begin and process faster than cash or physical card transactions. You don’t have to wait while your customers attempt to dig their card out of their wallet or enter their PIN on hardware that expired in the nineties.

Plus, with contactless payment technology, you can offer customers the option of an online receipt. This reduces your paper waste and the amount of time you have to spend on an individual transaction. This will you to keep things moving and focus on other aspects of your business.

Less Risk of Spreading Bacteria

Another benefit of accepting contactless payments is that you reduce the spread of bacteria and viruses. This is especially important during the current global pandemic.

Neither your clerks nor your customer has to handle machines that get touched by hundreds, if not thousands of people each day. Nor will you have to handle a card or cash that your client has touched, protecting your employees.

Greater Customer Satisfaction

Contactless payments process faster, which decreases customer wait times. This improves your customer experience during heavy traffic, and thus increases customer satisfaction. Plus, by offering contactless payment technology, you show that you’re up to date on the latest transaction trends. This keeps your business relevant and helps you retain your younger customers.

What Are Your Contactless Payment Options?

There is a multitude of contactless payment options available to you. Many small businesses opt for Square contactless payment due to its low overhead cost. However, it is not your only option. Your business can also partner with common mobile apps such as Google Pay, Apple Pay, or PayPal, or Venmo to increase your reach. 

Let’s Review Why You Should Accept Contactless Payment

Why should your business accept contactless payment? Let’s start from the top:

In addition to its greater security and reduced risk of spreading infection, offering contactless payment technology increases your customer satisfaction and shows that you’re committed to hosting the latest and greatest technology. The benefits speak for themselves.

So, if you own a small business and need further assistance in getting started, check out our blog each day to read more articles like this one.