Benefits of contact-less payments

The Benefits of Having Contact-less Payments in Your Business

Despite being around the UK for over decade, contact-less payments is not as common as you might expect it to be. This is possible largely due to the fact that Tap and Go payments in the UK are largely restricted to a fixed amount – approximately £30 – and aren’t available as a viable payment option in many stores. As a result of this, most consumers tend to opt for more conventional payment approaches like cash or card.

However, the trends are shifting and many businesses in the UK and around the world are now starting to implement Tap and Go payments within their respective establishments. Most reputed Electronic Point of Sale system providers have increasingly built-in functionality that allows integration with terminal payment solutions that offer contact-less technology. As the technology becomes increasingly popular in multiple settings, from retail to wholesales and other outlet stores, its benefits are clear and worth more consideration.

In the following sections, we run through a few of the core benefits behind contact-less payments and Tap and Go payments as a whole. However, before diving into that, for our readers who aren’t too familiar with the tech, here’s a quick explanation of what it is.

What are contact-less payments?

Simply put, contact-less technology leverages Near-field communication (NFC) technology, which facilitates instant data sharing between devices that are in very close proximity to one another – usually a few centimetres apart.

The tech depends on radio-frequency identification technology (RFID), which is now used by payment technology providers who, in recent years, have implemented it into card machines and EPOS systems. Through this integration, payments can now be conducted via a dedicated channel that facilitates the sending and receiving of information, which ultimately generates a payment authorisation prompt. The entire process occurs in a completely safe and secure manner that requires the least amount of effort and waiting time. On that point, now that we’ve established a basic understanding of what contact-less payments is – let’s take a look at some of its core benefits.

Enjoy faster transactions via contact-less payments

In today’s fast-paced world, every second matters more than ever – time, as they say, is in the most literal sense, money. That’s why every second spent idling or waiting for a process to be completed is considered a waste of time and many of us are now looking for the fast way to go about our days as a result of this. Think about it – everything we look for and every new thing we try out is almost always predicated on how effectively it can/will make us get things done faster.

The exact same logic applies to justify the increasing application of contact-less technology and Tap and Go payments. Consumers simply want faster, more efficient transactions that reduce the overall amount of time they need to spend waiting in line. This is especially true when you’re making small transactions – why wait when all you need is one item? Contact-less payment technology is fast and provides consumers with one of the most efficient payment methods. All it takes is a few seconds and if your contact-less transaction is successful, the card machine will confirm that it has gone through and you can be on your way to wherever it was you were heading to!

Integrate your smartphone and leverage mobile wallets

We’ve become increasingly dependent on our phones and the applications inside them. It seems like for just about everything, there’s an app. The same is true when it comes to payment options – thanks in no small part to the plethora of smart mobile wallets that allow consumers to electronically transact payments via their phones. Whether you use Apple Pay, Samsung Pay, Android Pay, and any other smart wallet, it goes without saying that they can be incredibly time-efficient and valuable when you’re in a hurry.

As a result of developments within the contact-less technology space, these smart mobile wallets can now be used in the payment process – you no longer have to depend on contact-less cards. Simply use the phone that’s already in your pocket to conduct your day-to-day transactions that are no more than 30 quid. Just make it a point to make sure you use acceptable levels of encryption and authentication on your apps to prevent your information from being hacked or your data being accessed in the unfortunate event your phone is stolen.

Conduct targeted promotions

Despite our desire for faster delivery service, one key area we’ve become increasingly focused on is personalisation of service. For every establishment we visit, we actively seek out services that uniquely cater to us – businesses that successfully do this often experience high levels of client retention. The great thing about contact-less technology is that it can leverage specialised tags that allow customers and clients to engage in various promotional activities uniquely catered to their interests and purchases.

Contact-less technology has paved for customers to scan entire NFC-tagged images that can re-direct them to coupons and other store-related information. This great for both customers and store owners because, on one hand, it gives customers another opportunity for a personalised shopping experience, while on the other hand, it affords store owners yet another engagement and marketing avenue.

Here at eposEX, our systems are constantly evolving to facilitate the inclusion of modern technologies like NFC. If you’d like more information on how we do this, feel free to Contact us at any time and we’d be more than happy to talk to you.

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