Now that fewer people choose to carry cash, it increasingly falls on businesses to offer card payment options to avoid missing out on sales. In fact, YouGov recently found that 34% of Brits believe the UK will be completely cashless within the next twenty years.
Contactless card payments too, are firmly on the up. The UK Card Association found that between July 2014 and July 2015 the number of contactless payments increased by 237% in the UK. That number has only continued to rise.
So what’s all the contactless fuss about? And how can it benefit your business?
Contactless is quicker than traditional cards (no need to enter a PIN) or cash (there’s no calculating and counting out change). For any payments under £30, customers are able to simply tap and go. So it’s no wonder that contactless is proving so popular. On average, a contactless transaction takes 15 seconds or less, whereas a chip & PIN can take over 30.
The speedy nature of contactless benefits business owners as well as customers. By processing payments faster, it’s easier to keep queues down and boost income by turning around more sales per hour. It also means you’ll avoid missing out on custom from people who don’t carry cash or who’ve forgotten to visit an ATM. Even customers who’ve forgotten their wallet can pay easily, as it’s now possible to make contactless payments using smartphones.
Ditch dirty cash
We all know that notes and coins are not particularly hygienic. In fact, scientists at London Metropolitan University found that banknotes, coins, purses, pockets and wallets are contaminated by 19 kinds of bacteria. Contactless cards offer a handy way to remove contamination from the equation; there’s not even a chance of picking up dirt from a PIN keypad. In a catering environment, going contactless can help to keep your catering space (and your hands) nice and clean.
Choosing contactless over cash also offers the benefit of increased security. There’s no need to have a till full of notes on the premises, and monitoring the business’ income is simplified by keeping everything digital. Customers can rest assured that they’re protected too. Contactless cards have the same encryption level as chip & PIN cards, making it almost impossible for thieves to steal banking information.