#contactless reader

The contactless-payment enabled credit cards, let customers pay by simply waving the card in front of the payment device. While this technology has quite obvious advantages for the customers, the benefits for the retailers are quite significant as well:

1. Enhanced Customer Experience

Research clearly shows that contactless transactions are faster than cash and conventional credit card transactions. This operational efficiency, of course leads to increased throughput, significantly lowering the number of abandoned sales. As a consequence, there are shorter queues in front of the check out, more revenue and better customer satisfaction. More importantly, contactless payments also help increase the average transaction value when compared to cash transactions. After all, customers aren’t constrained by the amount of cash they are carrying.

2. Competitive Differentiation

No matter what type of contactless reader you choose for your storefront, your consumers are sure to use them often, and exhibit greater loyalty to your retail store. According to studies conducted by MasterCard, their Contactless card holders make ‘nearly 25 percent’ more purchases than regular credit cardholders. This means that retailers who accept payments via contactless cards are better positioned to benefit from the emergence of this and other technologies such as mobile based payments etc.

3. Possibilities of Technology Integration

EMV payment services and contactless payment technologies are based on mobile phone technology. This opens up many new marketing opportunities as well as better customer integration. Of course, the next step should be to integrate mobile couponing into your payment system and target new consumers using location based marketing. Sky is the limit!

The last Word

Quick and seamless payment is indeed the most valuable service you can offer your clientele. When you include contactless payment technology in your existing set up, you are essentially giving them reasons to continue bringing their business to you. Stay on top of payment options so they have every reason and facility to purchase from you. Creating a faster, seamless checkout also increases the likelihood that they’ll spend more. Now that’s a win-win situation for any retail business owner!