Contactless payments have become the life and soul of various businesses as it enables them to move forward with ease. While the system took to the height of success during the global pandemic when safety was a key aspect, it has now received worldwide acceptance. Naturally, retailers around the globe are flocking to adopt contactless payments.
Here is why:
- More than 50% of people in the US now prefer to adhere to mobile wallets or the tap-to-go credit cards
- MasterCard has seen a 40% jump in its contactless payments during and after the pandemic
- 60% of VISA users around the globe use tap-to-pay systems
- Consistent growth in mobile wallet has led to an increase in EMV card issuance.
Contactless cards: understand the functioning
Whether you own a thrift store or a cannabis dispensary, venturing into this system of payment is one way to drive more customers. But before choosing the best contactless payments, you need to understand the functioning. Read the points below to boost your knowledge.
- When a user punches the card during a transaction, it communicates with the point of sale terminal through NFC technology or the RFID or Radio Frequency Identification process and after that, the card generates a unique code for each transaction to boost the safety of the process.
- The cards come with a limit for every transaction to protect the users’ accounts.
- With this payment method gaining popularity around the globe, financial institutions are increasing their CVM limit.
How do contactless cards improve customer experience?
How are contactless payments becoming a part of a huge transformation? Why are they becoming essential to meet the growing demands of the customers? Here is how.
- Embrace flexibility
- Boost personalization
- Provide secure transactions
- Customer satisfaction
Mobile wallets offer the biggest alternative to traditional payment systems, and retailers are leveraging on the safe mode of payment. Both the customers and the staff of the retail outlets feel comfortable with this mode of payment. Reports reveal that over 95% of customers find the traditional payment system too inconvenient, especially in restaurants. So, if you are a restaurant owner, you need to know the advantages of contactless payments to introduce this system in your eatery and level up the convenience of customers. Customers today expect speedy transactions and prefer convenience at every step of checkout.
Customer experience is one of the major priorities to cater to when offering digital payment systems and ensuring better adoption by consumers. Personalizing the products is one of the best ways to steer clear of the traditional payment systems.
Contactless payments make the business more efficient and secure. The people you employ at the point of sale may make mistakes and cost your business money. The contactless payment system for retail outlets may mean that customers can communicate with the kitchen directly and eliminate the chances of mistakes and avoid payment mishandling. Moreover, introduce alternative payment methods and streamline the operations with fewer errors. If you are planning to improve your business model, this process will help your establishment stay ahead of the competition and allow your business to thrive for several years.
When it comes to paying for goods and services, cards are more convenient than cash. With the contactless payment system, all that the customer needs to do is tap the card and the payment processing takes place in a matter of seconds. From faster checkouts to secure transactions, contactless systems for thrift stores translate to a better customer experience.
Get the best at no additional cost
If you are a business owner trying to establish a contactless payment system and worried about the cost, steer clear of the cost. Businesses enabling contactless payment systems need not worry about additional costs. The fees you will pay are similar to regular card transactions. If you own a thrift store and fail to recognize the benefits of a POS system for a thrift store, you will simply lose potential customers as shopping preferences for customers today resonate with mobile wallets.
Loyalty benefit programs
Many store owners use loyalty programs associated with mobile wallets for making payments, allowing customers to get the most out of the discounts. Apart from this, it will add loyalty points and help them get rewards at the time of the payment. Banks also offer cash-back benefits associated with contactless payment systems.
Businesses offering contactless payments allow customers to navigate a smooth customer experience at checkout. They are less restrained and restricted by the cash they carry when visiting a store. Whether it is to get the most out of the discounts through loyalty programs or full-proof security, contactless payments provide an opportunity for businesses to drive customers and improve their experience. Retail Control Systems has been providing software solutions to improve the functioning of retail outlets. Trust them to make the business functioning seamless.
