Contactless Payment Solutions to Elevate Your Business
In a recent study conducted by Forrester and the National Retail Federation, 94% of retailers expect the use of contactless payments to grow over the next 18 months. While not surprising, it is a reason to invest in the most up-to-date contactless payment technology for your customers and industry.
Let’s take a look at a few contactless payment solutions that are more relevant than ever and how they can help you evolve your business in 2022.
Online ordering saw a huge spike in 2020, and it’s only gone up from there. According to a recent Mercatus survey, it will account for 20% of all grocery sales by 2026. It’s important to know what online ordering may look like for your business, too. It might take shape in the form of ecommerce if you’re a retailer, or – for restaurants – takeout and/or delivery orders placed via your website or app. Business moves fast, and giving your customers an online shopping experience ensures contactless transactions and saves you time.
QR Code Technology
Back in 2014, Statista conducted a study on QR code usage over a three-month period. According to the study, 26% of respondents said that they had used a QR code at some point, whether to pay for or research something. Fast forward to this update from Statista: 59% of respondents now believe that QR codes will be a permanent part of using their mobile phones in the future. On top of that – according to eMarketer – the number of US smartphone owners who use QR codes will increase from 83.4 million in 2022 to 99.5 million by 2025.
Digital wallets, also considered E-wallets, are one of the easiest ways to make or receive online payments with safety and convenience. Digital wallets operate fluidly with a standalone POS terminal, using tap and go functionality rather than handing over or inserting a card, staying connected to the physical payment terminal itself. This form of contactless payment taps into a consumer’s most-used piece of technology, their smartphone, allowing the transfer of funds using the cell phone as the payment processing mechanism.
Digital invoicing provides the same experience as a regular, paper-based invoice - except it is totally contactless and performed through the cloud or online. Not only does digital invoicing streamline business operations, it also reduces contact for the merchant and the consumer. Think of a lawn service company who can complete a job onsite, but instead of tapping on the door to take payment, sends a digital invoice for contactless payment through their preferred device. You don’t have to make it back to your office and enter info from a paper invoice; digital invoicing virtually makes your office anywhere.
Virtual Gift Cards
No longer a seasonal shopping trend, gift card programs are growing in necessity for consumers because of the flexibility they have to use in-store or online virtually. They are not limited to one industry, either. Typically perceived as a restaurant or retail purchase, industries such as service, travel and automotive are adding gift card programs to their product offerings. Virtual gift card options eliminate the need for person-to-person contact and keep everything conveniently stored on the cloud. These are prime tools to add as a “bonus” to your customers, helping with retention and added profit.
Guest Engagement Apps
Businesses can retain their customer base and increase the average transaction with a loyalty program that is easy to redeem from a mobile device. Tracking customer engagement also provides the added benefit of gaining valuable insights into customer behavior to maximize ROI and secure repeat visits. Consumer behavior will continue to evolve, but businesses can build customer trust, adapt to the needs of your industry and positively impact your bottom line with contactless payment technology.