Does your business make a lot of sales under £30? Do you have busy periods and long queueing times? A contactless card reader could be the answer to your problems!
In 2016, it was revealed that the average UK consumer now carries less than £5 in cash, instead relying on cards and mobile devices to pay. Contactless payments are increasingly commonplace, with the number of contactless cards issued in the UK reaching 110 million in June 2017.
The ‘tap and go’ payment style is second nature to consumers, and this contactless adoption is expected to increase. By 2021, contactless technology usage is expected to increase by 300%, and retailers who don’t accept card payments risk being left behind.
It was revealed that businesses that accept card payments receive more sales. Retailers revealed that sales increased by 30% thanks to accepting contactless payments using a contactless card reader.
Using a contactless card reader can benefit your business in many ways. Find out how below:
Independent businesses with frequent busy periods often find that their payment process can get stalled. In peak times, long queues can form at the till.
Customers using contactless cards can complete transactions quickly, as they don’t have to spend time counting money. This allows for a reduction in queue times.
It is well known that when consumers pay on card, they are more likely to spend larger amounts and make more transactions. By installing a contactless card reader, customers can make more low-value impulse purchases.
Businesses using a contactless card reader receive fewer abandoned sales. The convenience of contactless allows customers to pay without requiring the exact change on hand.
Reduced cash handling
Business owners with a contactless card reader spend a less time dealing with cash. Traditionally, card payments were reserved for large purchases. Since the introduction of contactless, there has been a shift in the way consumers prefer to pay.
Even the smallest of purchases can be now made on card. This means that contactless card readers allow business owners to spend less time performing end of day operations. The reduction of change in the till results in a lower risk of theft and loss due to mistakes.
Improved customer experience
June 2017 was a record month for contactless payments, with 34% of all card payments in the UK made on a contactless device. The payment style is now expected as part of the everyday shopping experience. Ensuring that customers have the best possible shopping experience is a vital way to gain repeat custom.
By making everything as simple as possible, visitors to your business will be more tempted to return. A contactless card reader allows for hassle-free payments, meaning a quick check-out service.
Could your business benefit by accepting payments through a contactless card reader? Take advantage of the rise in contactless spending by upgrading to one of our terminals.