Why UK businesses should accept contactless payments

April 9, 2018

Contactless payments are becoming the norm and are used for over one-third of all transactions in the UK. Many businesses, however, still see contactless as another cost that they want to avoid. Contactless can actually be very beneficial to your company and card terminals now come with contactless functionality as standard. Here we explore the key business benefits of going contactless:

Customers want contactless

Customers get a better experience from using contactless transactions because there’s less interaction required. For many customers, there is a desire to pay and go and the use of contactless Near-Field Communication systems to pay has increased by 328% year on year. This huge increase shows that there is clearly a demand to embrace these contactless systems and reduce interaction.

Cost reduction and increased spend

One reason a business may reject contactless is due to affordability, however, using contactless can actually reduce costs for your business and encourage customers to spend more. With the introduction of contactless, you can increase the productivity of staff by reducing the time it takes to serve each customer. Also, since the contactless limit increased from £20 to £30, the average spend using contactless has increased by £2.22. Contactless can save you money and increase your income too.

Business risk reduction

As with all card payments, there is an added level of protection involved with contactless, which creates an audit trail and assures payment when the transaction is made. Unlike cash transactions, this is a protected and assured transaction that you know you can rely on. Using contactless systems will increase your security and reduce your risk, even if it just reduces the amount of cash on the property.
The introduction of contactless payments into your business can open up new opportunities and reduce the frequency of failed transactions. The overall benefits of contactless can far outweigh the cost and should be seriously considered by all businesses. Contactless is the new norm and you should upgrade to avoid being left behind.