Contactless Payments Catch On!

Contactless payments are being widely adopted throughout the US. On one hand, it helps keep the payment process much cleaner and on the other hand they allow merchants to accept another form of payment for added convenience. It’s really a win-win!

However, investing in contactless payments can have a long term positive impact on a business. According to Juniper Research, contactless transactions in the US are predicted to increase from $178 billion in 2020 to $1.5 trillion in 2024. But other than helping with cleanliness during COVID, what are the other benefits of accepting contactless payments?

The benefits of accepting contactless payments:

Less fraud: Contactless payments use two-factor authentication or EMV chips, which reduce the possibility of fraud. This could ultimately mean that the business will hardly ever spend time resolving pesky disputes.

Sales Increase: Another form of payment means higher sales. It’s even been reported that users who use contactless payments tend to spend twice as much as non-users!

Fast Transactions: When a customer completes a transaction with contactless payments they usually tap a device against the payment solution to fulfill a sale. This device tapping is only a fraction of the time it would take to insert a card, swipe or enter a PIN. If your business experiences heavy transactions, especially during the holiday season - this form of payment can help move through lines quickly!

In order to set up contactless payments you will need an NFC (near field communication) enabled device. Your payment provider should have options for you to choose from. This can typically be a POS (point-of-sale) system or a stand-alone card reader. If you have any questions, feel free to reach out to us for more details!

You’ll need to inform your customers of your new form of payment acceptance. Customers who are willing to pay that way are usually familiar, but it’s important to ensure that your staff knows the correct procedure beforehand. Small businesses that can meet customer needs are much more likely to overcome the current pandemic. Remember, if you take care of your customers, they will take care of your business!

For more information about contactless payments please reach out to us at info@reddepayments.com.