In recent years Devon has fast become a top place to do business in the UK. In 2021, the number of Devon businesses hit a record high. This makes the business landscape very competitive, especially as more customers are expanding their payment options. One of the biggest consumer trends right now is the increasing use of contactless payment methods. In fact, nearly a third of all payments in the United Kingdom were made using contactless cards or a smart device in 2021, which is a significant 36% increase compared with transaction volumes in 2020. Because of this, experts highly encourage businesses, whether they are small or mid-size enterprises (SMEs), to adopt contactless payment methods in their stores. Contactless payments aren’t just a trend. There are numerous favourable reasons why your Devon enterprises should offer these to customers.
In this article, we will discuss four benefits that businesses, particularly SMEs, can gain from implementing contactless payment solutions:
Streamlined payment processes
One of the most significant benefits of a contactless transaction is that it helps enterprises streamline their payment processes. Compared to traditional payment procedures, there are fewer stages involved in electronic payment methods. For instance, with QR code payments, users only need to scan the store code with their smartphones, and they will be able to send their payment without the need to use physical cash. This allows businesses to speed up transaction processing times, enabling them to operate more efficiently and dedicate their attention to other vital aspects of their business. QR codes are taking off in the county with Plymouth introducing a tap scheme last year. This allowed entertainment venues to track audience data. With more customers comfortable using QR codes, SMEs need to take advantage of this contactless payment solution to streamline their payment process and remain in line with consumer trends.
Improved customer satisfaction
Another benefit of a faster transaction time is that customers will experience shorter waiting times. As a result, businesses can serve more people in a shorter period, which helps boost sales and customer satisfaction. This is important as a study by First Data found that Brits find queuing in stores more irritating than any other situation. The longer they have to wait, the more they’re dissatisfied with the service of the business, regardless of which service sector the industry is categorised. And if consumers are satisfied with their experience, they’re more likely to purchase goods or receive services from the store again. This highlights the importance of contactless payments for SMEs since it ensures operational efficiency and improves customer loyalty in the long run.
Secure portable payments
Today, contactless payment solutions are no longer limited to countertop card readers. With portable card payment machines businesses can receive payments from anywhere in their establishment. For example, restaurant owners can offer customers contactless payment options at their tables. This means they don’t need to get up to pay, nor wait for the server if they don’t want a receipt. It makes the payment process faster and more convenient for consumers and business owners. And because contactless payment providers equip card machines with fraud screening tools, buyers can safely complete their transactions and protect themselves from scams. This is equally beneficial for SMEs since they can prevent any chargebacks that will result in a loss of profit and keep a reliable reputation among people, which promotes loyalty and repeat customers.
Opportunities to support charity initiatives
Adopting contactless payment methods also allows businesses to join initiatives that support their communities. One example of this is the Tap for North Devon campaign. In this program, any local store with a payment device that accepts contactless credit or debit cards can enable customers to donate £3 to reputable charities. It just shows that businesses, even if they’re SMEs, can participate in initiatives that will improve the demographic they are serving. Through these efforts, businesses can nurture local communities and play a significant role in increasing the happiness of residents. SMEs can benefit from happy and tight-knit communities, as these provide strong support networks that drive business growth.