Is your business ready for contactless payments?
We know that the coronavirus pandemic will change our world forever. All industries, public and private, will have to deal with the effects of this outbreak for years to come. One major adjustment will likely be a nationwide embrace of contactless payments.
European countries have already adopted contactless payments – in 2018, they already made up 50% of transactions in 15 European countries. Despite its success across the pond, the US is only just beginning to get accustomed to this payment method.
Due to the global health pandemic, people are now paying more attention to the surfaces they touch, including handling cash. This gives not just card payments, but contactless payments a distinct advantage, and they are poised to skyrocket as the preferred payment method over the next year.
Is your business prepared?
What are contactless payments?
Contactless payments allow private payment information to be shared from a card or personal device to a card reader through radio-frequency identification (RFID) for cards or near field communication (NFC) for mobile devices. The customer simply holds or waves their card or device near an enabled reader at the point-of-sale, eliminating the need to sign their name, type in a PIN, handle cash or otherwise touch any surfaces.
Contactless payments have a number of extra security measures in place for the consumer. There may be limits on the number or size of transactions, therefore larger transactions will still require a Chip and PIN. Limits typically won’t apply to mobile payments, as customers generally have to pass another layer of identification to unlock and use their phone, such as a fingerprint scan, facial recognition or a passcode.
What should small businesses do?
Small businesses will need to adapt quickly to the new normal of limiting physical contact with customers. Upgrading card processing terminals should be prioritized, as it will have a significant impact on customers’ exposure to potential infection.
Up until now, the point-of-sale has been the home for most face-to-face interactions. People stand in close proximity, carry on conversations and touch the same surfaces such as cash, counters, pens and card terminals. This part of the business may need to undergo some re-design in the aftermath of the health pandemic. As customers place extra emphasis on health and safety, small businesses should try to limit customer exposure by placing extra space between people and sanitizing work areas more often.
When possible, using contactless payment capabilities will be essential in managing the risk of infection for both employees and customers. Small businesses can leverage this payment method as another safety measure in addition to sanitizing card readers, pens and other surfaces after every customer. Several Clover payment system options offer safe, contactless payment options.
Finally, be sure to find a processor that will help you navigate any upcoming uncertainty. A good provider will keep you up-to-date on the latest trends in your industry and help you find creative ways to keep your staff and customers happy and safe. They’ll put a priority on customer service and education, and they’ll show you how keep your payment acceptance fees to a minimum.