The limit of a contactless payment rose from £20 to £30 in September 2015… meaning it is no longer a technology that just benefits small supermarkets, shops and cafes. Think about what your ATV (average transaction value) is, and then consider whether you can afford to have a card reader in your shop that does NOT support contactless payments.
According to the UK cards association, there were 58 million contactless cards in circulation in the UK at the end of last year, and 46.1 million contactless transactions were made in December 2014 alone.
But what are the benefits to retailers of taking contactless payments? In a nut-shell, I believe that there are 2 KEY benefits…
THEY SHORTEN QUEUES. If you have a busy shop, particularly ones that endure big peaks and troughs of footfall throughout the day (like a coffee shop in a train station at rush-hour), a contactless payment typically takes 1-2 seconds to approve, when a card is waved over a reader. It typically takes up to 10 seconds to enter a PIN number into a Chip&Pin machine in the traditional way. So queues are going to be significantly shorter;
THEY ARE CHEAPER TO PROCESS. A contactless payments typically costs a fraction of the cost to process a normal Chip&Pin payment, meaning it is going to save you money every month on your card processing bill.
If you have any more questions about contactless payments, please click the word “Contact” in the menu bar at the top right of the page and fill in the form on the right and we will be back to you shortly.