We wrote about contactless payment popularity and growth back in November 2019. Contactless payments continue growth in popularity and adoption for all types of US businesses. Recent events have further accelerated that trend, and we’re now looking at a permanent change for businesses taking payments from their customers. Having the ability to provide contactless payment options for your customers and guests is essential.
Mobile payments as a form of contactless shopping are nothing new. Only recently though do contactless payments continue growth in popularity for all types of businesses in the United States. Starbucks and Chick-fil-A have well known and utilized mobile apps, and Apple Pay and Samsung Pay have been around for years. COVID-19 is speeding up their adoption world wide, and that change is going stick.
WalmartPay and some other popular retailer payment options have joined the more well known apps for contactless payments in recent months. SMBs (small-and-medium-sized-businesses) need to adopt the same technology.
Restaurants, specialty retail, service-based operations, and many other types of businesses will benefit in many ways. Those using eCommerce, curb-side pickup, and in house point-of-sale that will easily accept ApplePay, SamsungPay, tap-to-pay, and other similar technology are best positioned for customers preferring this method of paying for goods and services.
Convenience, ease of use, safety and security, faster and more efficient operations, and competitive advantages are just a few of the considerations for business operators.
The two main ways of accepting contactless payments are utilizing terminals or POS technology that accept app-based payments (like ApplePay) or utilizing that same technology to read the tap-to-pay functionality within the credit or debit card itself. If a card has the tap-to-pay capabilities it will display a logo similar to the one shown here.
Businesses looking to adopt technology to accept contactless payments have many options to consider. If your current POS (point-of-sale) technology or payment terminals aren’t equipped to take the contactless payment methods described above it’s definitely worth investigating. Considering current trends, upgrading or adding new equipment is very likely worth the financial investment for all businesses as well.
Forbes is a resource we quote regularly, often speaking on the same kinds of customer service and technology topics we find very valuable. Here’s an article from May 15 discussing contactless payments from their perspective if you need a second opinion.