Is your business ready for contactless payments?
It is safe to say that contactless payments are here to stay. Banks are issuing contactless cards to account holders in their middle and upper tiers and grocery chains like Pick n Pay are standardising contactless payment infrastructure in their stores. It’s not surprising; contactless payments have inarguable benefits. Consumers do not have to worry about accidentally leaving their cards behind because contactless payment best practices dictate that they never hand over their bank cards to cashiers. This means merchants and consumers can look forward to secure transactions that are easier and faster.
Here are five fundamental measures you can take to ensure that your retail business is well prepared to start accepting contactless payments.
Train your staff adequately
The first thing you should do is properly introduce the new technology to all of your employees who handle transactions. While it is important to relay all the relevant information to them, you should be wary not to complicate things. They need to know how to operate the terminal or card reader during a contactless transaction, what card associations, like Visa and MasterCard, are supported and what to do in the event of something going wrong. Other than that, workforce training needs to highlight the unique value proposition of contactless payments. That way, your staff will be able to allay customer concerns regarding contactless transactions.
Promote contactless payments with in-store signage
The universal contactless symbol should be displayed clearly at pay points and upon entry. Promotional posters placed strategically around your store can also increase awareness. Take this opportunity to relay some additional information that a cashier would not be able to squeeze into the time required to process a transaction. For instance, you could inform customers about the maximum amount allowed for contactless payments. You could also give them tips such as not tapping before they have confirmed the purchase amount and to never hand their card over to the cashier.
Educate your consumers
Since most consumers are used to the swipe-and-PIN method of card payment, they may not be entirely informed about how contactless payments work. This is where the workforce training comes in. Should a customer enquire about contactless transactions, your staff should be able to highlight three main selling points, namely that they are fast, easy, and secure. Because, at the end of the day, all consumers are concerned about is how this new way of doing things is going to add value to their experience. Consumers don’t want to wait, they do not like feeling confused, and they always need to be assured that their money or personal information is not at risk.
Ensure you have the right POS system
Most (but not all) point-of-sale (POS) devices that support chip-and-PIN cards are capable of facilitating contactless transactions. However, the onus is on you to ensure that your terminal aligns with the latest NFC specification and that your brand has been approved by the EMVCo consortium and its associates. The best way to guarantee this is by choosing a reputable provider that guarantees consistent Payment Card Industry (PCI) compliance. We are happy to report that Paycorp has achieved the highest PCI compliance for five consecutive years, and all our EFTPOS Verifone terminals support contactless payments. We supply all merchants with the latest technology, we ensure that you and your staff are comfortable with how the system works, and we deliver software and firmware updates timeously.
Track the usage and feedback
There is valuable insight to be gained from analysing data gathered from your contactless transactions but it will take some time for the metrics to kick in. You will want to take particular note though of changes in transaction times, sales volumes, and transaction costs. It will take a while before you have enough useful metrics, so give the contactless payment system at least a quarter before you start your analysis. Also, pay close attention to feedback from staff and customers because this will let you gauge the success of the system. If there are any inefficiencies, customers and employees are typically the first to be aware of it.
We hope this information makes it that much easier for you to join the tap-and-go revolution. To view all of our EFTPOS products, download the brochure below.