Business 101: The Benefits of Contactless Payment Solutions

Contactless payment solutions are seeing an increase in popularity. This is especially in the wake of the coronavirus (COVID-19) situation, as consumers are looking for ways to mitigate the contact with employees whenever possible. The practice of social distancing measures amid the pandemic was integral to the health and safety of consumers, as well as the profitability of businesses.

Without the need to fumble with bills and change, contactless payment solutions offer a way for consumers to seamlessly complete their transactions. Consumers also do not need to sign a receipt or input their PIN numbers. Rather, some solutions allow them to tap their credit card or mobile wallet to make a payment and be on their way. 

Visa is an example of a company that promoted its contactless payment methods amid COVID-19. The technology operates via a chip within a card. The chip has a near-field communication (NFC) antenna, allowing owners to complete transactions at a close range via tapping at a checkout terminal. 

In an April 2020 announcement made by Visa, it was stated that such contactless technology can help reduce the spread of COVID-19. “Tapping to pay allows customers to pay with their contactless-enabled cards or payment-enabled devices, thereby reducing the physical interaction with the POS terminal,” the announcement noted.

In addition to encouraging businesses to enable the tap-to-pay method in physical store locations, Visa provides resources in the form of signage. For example, additional signages in the form of window decals, mats, and contactless terminal toppers can be retrieved from the company’s official signage website

In the case that a business requires a phone number or an email address from consumers, Visa advises that they be captured in a verbal manner. This is different from asking consumers themselves to type or key in their information. 

Such efforts not only helps maintain customer retention when it comes to signing them up for reward or loyalty programs, but also helps with the customer and business relationship. The time taken to consider the health and safety of customers is a step in the right direction, especially during unprecedented times. 

To begin taking advantage of contactless payment solutions and improving the profit margins of your business, be sure to contact the Find Your Audience team. Through thorough market research, Find Your Audience provides clients worldwide with performance-based results that champion high profit margins and help achieve business goals. 

To reach the team, call 647-479-0688 or email hi@findyouraudience.online.

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