Contactless payment has become the norm nowadays all over the world. More and more cardholders are now taking advantage of the opportunity to make payments "on the go" for their daily purchases.
The boom in contactless payments shows that consumers are viewing them as an alternative to cash payments and they are now used for a huge variety of transactions in the everyday life - cafes, restaurants, shops and bars, transport, donations and many more.
It’s important that your business enables customers to pay in this way.
Variety of payment devices
Advances in technology enable payment to be easily and invisibly added to wearables, delivering an enhanced consumer experience at the checkout proving to be a big hit with consumers. Instead of carrying a wallet or cash people prefer just to tap on the terminal with something they already wear.
Contactless payments are enabled on a wide range of devices:
- Pre-paid, debit, charge and credit cards
- Mobile devices, such as smartphones and tablets
- Stickers
- Key fobs
- Wearable devices, such as watches and wristbands
- Jewellery and smart clothing
Contactless Payments Benefits
Focus on customer experience and satisfaction
With the incredibly fast adoption of contactless payment, more and more customers are expecting to be able use it everywhere. Research shared by Visa indicates that the ease, speed, and convenience to consumers of paying contactless increases the chances of repeat business from customers.
Boost sales
Customers who use contactless spend more than those who pay with cash, so offering contactless payments could not only increase the overall basket value but possibly the frequency of purchase. Moreover, you will never lose a sale if your client is not carrying cash, and you let them pay with their phone or watch
Reduce costs and speed checkout process
Contactless payments are faster than both cash and card transactions. Faster transaction times may also result in your store needing fewer employees during peak business hours. Contactless payment is the proven way to serve more customers and process more transactions.
By accepting more contactless payments you are guaranteed to reduce cash handling costs and risk of cash related fraud.
What you need to start accepting contactless payments with phos?
Phos is easy, fast and hassle free to use – all you need is an Android phone or tablet which is NFC-enabled and running an Android OS 7.0 or higher and internet connection.
No additional devices or dongles.
- Register for Phos account online for a few minutes
- Download Phos Mobile App from Google Play Store
- Login with your email and password
And that’s it! You are ready to accept contactless payments.
How does the contactless payment work with Phos?
To pay contactless, your customers should hold their card, or the contactless payments enabled device near the back of your phone (your NFC reader is located on the back of your phone).
In a second or two your phone will read the payment data and send the transaction for processing. Shortly, you will see the response on your phone if the payment is approved or declined.