Business Terminals

Examining The Rise Of Contactless Payments

Since the pandemic began to wage war on society, back in March of 2020, we’ve become a lot less touchy-feely. Gone are the days when we could take the handshake for granted as a traditional greeting between two people. Instead, we’re constantly washing or sanitizing our hands and making sure to keep our distance from each other. Unquestionably, we’re all looking forward to the days when the pandemic is behind us.

In keeping with our new contactless culture is the concept of tap payments. These days, it is not at all uncommon for consumers to tap their credit cards on terminals instead of punching in their PIN codes. Depending on the totals of their charges, customers are able to make purchases without touching anything that doesn’t belong to them.

Contactless payments are the new way of the world.

As Polly Jean Harrison of The Fintech Times puts it, “post pandemic arrival, contactless payments have entirely revolutionized the financial market.” Ideally, tapping your card instead of touching a terminal helps to either minimize or stop the spread of the coronavirus. Even though, in the past several months, we’ve gotten more information about COVID-19 being an airborne issue (versus a surface issue), most of us feel more comfortable with contactless payments.

Of course, there are many other benefits to tap payments. “Contactless payments are known to improve the speed of transactions,” reports Harrison, “On average a contactless payment takes around 15 seconds which is at least two times faster than normal payments. With transactions taking place at a faster rate there are higher chances of improved turnover and queues will eventually be smaller.”

Contactless payments are the most convenient ways to pay for purchases.

When you think about it, does it get much easier than tapping your card? We’re of the mind that, even in a post-pandemic world, contactless payments will still be popular. To begin with, they replace the need to fumble around for loose change. In fact, utilizing credit cards as methods of payment has long done away with the fear of losing cash. However, as Harrison points out, contactless payments are not just restricted to cards.

“The users can interact with the help of their phones, tablets, and other accessories such as watches and rings,” she informs, “The payment process is even faster since you don’t have to remove the card from your wallet and the transaction can take place directly. Consumers no longer need to swipe their cards and expose themselves to the COVID-19 virus which is lurking around.”

Do you accept contactless payments in your store?

If not, you’d be wise to give it a go right away! As Harrison contends, they provide much better customer experiences. “Offering your customers to pay at their convenience through whichever mode they find the most suitable is probably the fastest way to convert leads,” she notes.

At Unity Payments, we believe that the easiest and most convenient way for merchants to accept contactless payments is with the Poynt Smart Terminal. To learn more, please don’t hesitate to call us at 1-800-661-3761. You may also email us at info@unitypayments.ca.

Author

Dan Faraldo

Leave a comment

Your email address will not be published. Required fields are marked *