How Implementing Contactless Payments Has Its Benefits
The revamping of point of sale (POS) systems is underway to facilitate the demand for contactless payments. From contactless cards, mobile apps and wallets, to QR codes and self-service kiosks, contactless payment technology transforms how restaurants do business.
In a recent study by Juniper Research, contactless payment transactions are set to reach $6 billion globally by 2024. What does this mean for your business? It means that consumers widely use contactless payment options. If your restaurant hasn’t implemented them, you’re trailing behind the competition.
Contactless payment technology fosters efficient transactions and ensures customers experience convenience, and integrating this type of system offers safety, security, and convenience to businesses and customers alike.
Contactless Payments Implementation Made Easy
Getting started with contactless is easy to do; restaurants simply need a contactless payment system. From there, the customer hovers their card, watch, or phone over the device, the information transmits, and the system accepts (or denies) the transmission.
Contactless payment relies on radio frequency identification (RFID) and near-field communication (NFC). RFID uses radio waves to identify an object, such as a credit card, passively. NFC uses short-range wireless technology that connects to smartphones, tablets, wearables, and payment cards.
Contactless payments send a unique one-time token to the payment terminal for that specific purchase at the POS. Customers must hold their cards or mobile devices within two inches of the card reader to make a contactless payment. Once the terminal picks up the signal, it processes the payment immediately.
Quicker Transactions & Increased Speed of Service
The average transaction time of a contactless payment is 10-15 seconds, whereas cash or credit card transactions can take minutes. Customers expect speedy transactions from most service providers. Transactions are completed faster with less cash processing and handling, meeting their demand. As a result, restaurants reduce or eliminate queue buildup and increase table turnover. Staff can spend less time processing payments and more time building customer loyalty.
Enhanced Customer Experiences & Loyalty
Enabling contactless payment options will offer your customers a significant level of ease and convenience. It gives you a competitive advantage and improves accessibility for customers as it eliminates the need for them to carry wallets. Customers can pull out their smartphones to complete a transaction.
Additionally, contactless payments can increase customer acquisition by attracting new customers, leading to higher sales and growth. Touchless payments lead to better customer service experiences by providing automated, streamlined, and personalized experiences.
Contactless payments can easily integrate with other services, such as online ordering, delivery, curbside pickup, or reservations, to provide more convenience and flexibility to your customers.
Contactless payment methods are as safe as EMV chip and PIN transactions. The card/device gives the reader a unique one-time token that identifies the transaction with advanced encryption — without storing sensitive information, meaning the card data is always protected.
Contactless credit cards have the same security features as any other payment method, and can better integrate with the latest security features. Additionally, since the chips are virtually impossible to tamper with or clone, EMV cards are infinitely less vulnerable to counterfeit fraud than magnetic stripe cards.
Start Reaping the Benefits of Contactless Payment Technology
As more consumers move in ever greater numbers toward digital payments, they will expect the businesses they interact with to accommodate them. Touchless payments create speed and efficiency, lower cash handling costs, provide dynamic security measures, drive customer loyalty, and even increase customer spending due to ease and convenience.
ERC works with industry leaders to bring you cutting-edge contactless payment technology to level up your business. Get in touch with us today to learn more, and check out our blog on additional POS technologies shaping the industry.