Benefits of contactless payments
Contactless payments can operate seamlessly alongside your existing terminals and other ways of taking payments, whether by cash, cheque or card. The key benefits of accepting contactless payments are set out below. See the Guide for Retailers: Accepting contactless and high value contactless payments, for more details.
- Faster transactions – for the majority of contactless transactions there is no verification or requirment to print out a receipt on authorisation (except for higher value payments).
- Increased throughput and fewer abandoned sales.
- Increased average transaction value (ATV) as customers are not constrained by the amount of cash they are carrying.
- Uplift in footfall due to increased convenience.
- Improved staff productivity as customers make contactless transactions with minimal staff intervention.
- Reduced cost of cash handling.
- Reduced cost of cash shrinkage risk (theft and fraud).
- Reduced receipt handling costs - a receipt only needs to be produced for a contactless payment when a customer requests one, or for a higher value payment.
As with all card payments, the risks to the retailer are lower than other payment types for a number of reasons:
- Existence of an audit trail.
- Assured payment.
- Risk managed by the card/device – for the majority of transactions, the decision-making process will be between the card or device and the terminal.