Contactless payments are here, and are hugely on the rise. In fact the Daily Telegraph reported some time ago that as the technology enters its 5th year, Barclays customers alone spend £6.6m a month on goods and services using contactless technology. And when you consider that contactless payments can only be made up to £20 at a time, this is a lot of transactions, and therefore affects small retailers every bit as much as larger ones.
So customers have the tools they need to pay you contactlessly, be it a contactless credit or debit card, or with an NFC enabled mobile phone. Why should you care? Here’s why…
Contactless Increases Customer Satisfaction. It is obviously far quicker to process a contactless transaction, so in busy retail environments where queues are common, being able to take a contactless payment will reduce queuing times and make your customers happier.
Contactless Transactions Are Cheaper for Retailers to Process. Using Net Pay for example, processing a contactless debit card transaction is discounted so that it costs you 7p less than a normal debit card transaction.
Contactless Payments Are More Secure. The information that needs to be passed from the card itself over to the retailer’s PDQ machine is transmitted using contactless NFC technology which encrypts and authenticates the information being passed. This reduces the reliance on magnetic stripes. Magnetic stripes are still the biggest source of weakness on a credit or debit card, and allow them to be easily cloned or duplicated by organised criminal gangs.
For more help with becoming contactless enabled click on the contact tab at the top of the page and fill out the form. An SPS representative will be in touch soon.