With all of the Big Five banks offering Apple Pay compatibility starting in 2016, more consumers expect to use mobile payments in brick-and-mortar stores. Now is the time to start accepting contactless payments for the benefit of your company and your customers.
Common apps used in Canada include Apple Pay, Google Wallet, and Ritual, all of which most mobile point-of-sale software programs accept. Contactless payments offer customer convenience and added security, which translates to more sales for your small business. They’re also quicker and more efficient, which results in quicker transaction times and higher staff productivity.
Long lines are a source of revenue loss, especially for places such as coffee shops or quick-service food where customers expect to be in and out quickly and may duck out if it takes too long to reach the point of sale. Mobile payments are the ultimate line buster, giving your cashier the ability to operate more efficiently and get each customer’s transaction completed faster.
The customer simply opens the mobile payment app of choice on his or her phone, which opens a barcode. The cashier scans the barcode, and the payment processes instantly. The customer receives a receipt within the app or via email, all automatically.
Many payment processing systems that accept contactless payments also have built-in rewards programs and customer databases, which eliminate another transaction step. There is no need to struggle to find a punch card or enter a cumbersome email address when the point-of-sale system does it automatically while accepting the customer’s payment.
When cashiers complete point-of-sale transactions more quickly, they also have more time on their hands to complete other work tasks. A minute shaved off each transaction doesn’t seem like much, but it adds up over dozens or even hundreds of transactions in a day.
With less time spent waiting for transactions to complete or waiting for a customer to find his or her credit card, cashiers spend more time cleaning counters, wiping down tables, front-facing product displays, and prepping the bar area. This is a significant bump in productivity but also a potential bump in revenue as it leads to a better overall customer experience.
Better security indirectly boosts revenue by assuring your customers their payment information is safe with you. When you accept contactless payments, you take advantage of the heightened security associated with using these services. Contactless payment apps work by storing a unique device code associated with your card, but they don’t actually store any card numbers or information on the phone.
Without the device code or physical access to your phone, hackers can’t conduct fraudulent transactions. If you lose your phone, you don’t need to have your debit or credit card replaced entirely. You simply call the bank and have them disable the old device code.
This added layer of security is exactly what your customers want. Providing it to them helps create a positive customer experience, keeping them satisfied enough to come back, and increasing revenue.