When it comes to owning a small business, there are a multitude of factors you should keep in mind. From stock levels to your online presence and the way you collect payments, there’s always something to consider as a business owner.
If you’ve been wanting to expand into offering contactless payments for your customers but are worried about their safety and security—this article is for you. We’ll explain everything you need to know about contactless payments for small businesses, how secure they are, and other factors you should keep in mind if you’re considering investing in contactless payment solutions.
What Are Contactless Payments?
Several contactless payment options are available, and we know that deciding on one for your business can be overwhelming. There are a number of different things people may be referring to when they ask if you offer contactless payments:
- Mobile wallets (e.g., Apple Pay or Google Pay)
- Chip or “tap” cards
- Card-not-present transactions (e.g., PayPal)
- Apps where all payments occur in the app (e.g., Uber or Deliveroo)
These aren’t the only types of contactless payments out there. There are also wearable paytech solutions, which are great for events and festivals. These devices allow guests to pay for goods and services using pre-loaded fobs, reusable wristbands, and disposable wristbands, making payment on the go simple.
Contactless payments had a huge boom during the pandemic, and they’ve stayed popular ever since. By offering contactless payments to your customers, you can increase your sales and attract new business.
So, Are Contactless Payments Safe?
As a small business owner, you want to ensure that the contactless payment solutions you choose are safe for your customers. The good news is that contactless payments are incredibly secure—in fact, they’re as safe as any other credit card transaction.
To ensure the best security, work with a reputable payment processor that has robust security features in place. Partnering with a trusted payment processor ensures that your customers’ information will be stored safely and securely after a touch-free transaction.
These payment options are often encrypted, so no one can access card information. You can feel confident knowing that the payment processor you choose will protect sensitive customer information. In the rare event of a data leak, the payment processor—not your business—would take responsibility for the breach.
What Are the Benefits of Contactless Payment Solutions?
We’ve established that contactless payments are safe, but what are the other benefits of offering them at your small business? Here are the top reasons to invest in touch-free payment solutions:
- They’re Quick
Contactless payments speed up transactions, especially when you don’t have to handle cash or manually key in transactions. Getting your customers checked out quicker saves time for both them and you. - Less Contact
In a post-pandemic world, people are more conscious of avoiding unnecessary contact with surfaces. By offering contactless payments, you can attract health-conscious customers and protect everyone’s well-being. - Pay From Anywhere
Solutions like PayPal allow you to receive payments from customers no matter where they are. This means you can make sales and generate income even without a physical shopfront.
What to Keep in Mind When Choosing a Contactless Payment Solution
When offering contactless payments, it’s essential to research which merchant you will work with. Here are some key factors to consider:
- Ensure they accept all major credit cards (VISA, Mastercard, AMEX, etc.)
- Check for hidden fees or processing charges
- Ensure it integrates with your existing point-of-sale (POS) system
Accepting multiple card types, avoiding hidden fees, and integrating with your current system will save you time and money in the long run.
Possible Drawbacks of Contactless Payments
While there’s no significant catch, there are a few drawbacks you may want to keep in mind:
- Connectivity Issues
Contactless payments often rely on the internet, so connectivity problems can hinder sales. Fortunately, this is easily resolved with mobile hotspots to maintain consistent connectivity. - Customer Resistance
Some customers may be reluctant to use contactless payment solutions. Be prepared to offer alternative payment options like cash or traditional card payments to accommodate all customers.
The Latest Technology Is Always a Good Idea
When deciding whether to adopt contactless payments, the choice ultimately lies with you. However, investing in the latest technology is generally a wise move for small businesses.
With the right research, you can find safe, secure, and fast contactless payment solutions that will help take your business to the next level!
