In recent years, contactless payments have become the new norm in Canada. From tap-to-pay credit cards to mobile payments apps, Canadians have fully embraced this technology. It allows for quick and easy transactions without the need for cash or even a card swipe. For Canadian merchants, contactless payments have been a game-changer. Especially in the wake of the pandemic, the technology has revolutionized the ways in which businesses generate revenue.
So how exactly have contactless payments transformed the Canadian merchant landscape?
Increased sales volume.
With contactless payments, customers are able to make transactions more quickly and efficiently. They no longer need to fumble around for cash or enter a PIN. This means that merchants are able to process more sales in shorter periods of time. Ultimately, this increases their revenue. In fact, research has shown that contactless transaction volumes in Canada grew by more than 30 percent across credit and debit cards year over year by the third quarter of 2020.
Improved customer experience.
In addition to speeding up transactions, contactless payments also offer a more seamless and convenient customer experience. Customers no longer have to worry about carrying cash or pulling out their wallets. Instead, they can simply tap their cards or phones to complete purchases. This creates a more positive shopping experience, which can lead to increased customer loyalty and repeat business.
Reduced transaction costs.
For merchants, the cost of processing credit card transactions can be a significant expense. However, with contactless payments, these costs can be reduced. This is because contactless payments often have lower processing fees than traditional credit card transactions. Plus, since transactions are processed more quickly, merchants can process more transactions in a shorter period of time. This reduces the overall cost per transaction.
One of the biggest concerns for both merchants and customers when it comes to payments is security. However, contactless payments are actually more secure than traditional payment methods. This is because they use advanced encryption and tokenization technologies to protect sensitive data. As well, since customers don’t need to hand over their cards, there is less risk of card skimming or other fraudulent activity.
Access to new markets.
Contactless payments can open up new markets for merchants. This is particularly true for those who operate in areas that are popular with tourists or other visitors. Since many countries have already embraced contactless payments, offering this technology can make it easier for visitors to make purchases while in Canada. This ultimately leads to increased revenue for merchants.
If you’re a Canadian merchant who hasn’t yet embraced contactless payments, now is the time to tap into this technology and start reaping the rewards!
Do you accept credit cards at your place of business?
At Unity Payments, we proudly offer Canadian merchants a variety of high-quality POS terminals to choose from. You can easily and securely accept contactless credit card and debit card payments with the Poynt Smart Terminal, the Newland 910, the Ingenico Desk 5000 or the Ingenico Move 5000. To learn all about your options, please don’t hesitate to call us at 1-800-661-3761. You may also email us at email@example.com.