In the last few years, technological advances and evolving consumer preferences have gradually transformed the ways people buy goods and services. In particular, today’s consumers can now pay for purchases in a host of other ways besides traditional cash and credit, such as contactless credit and debit cards and digital fund transfers.

These fast, touchless payment methods have rapidly emerged as increasingly popular alternatives to more conventional options, spurred on by increasing customer demand for more streamlined, convenient, and secure checkout processes. In addition, health crises like the COVID-19 pandemic have also made it more urgent for businesses to prioritize hygiene in all aspects of their operations, such as by limiting physical interactions between staff and customers.

Fortunately for SMEs and startups, the days when only larger corporations could afford to implement state-of-the-art payment technologies are long past. New payment solutions are developing at a rapid pace and at increasingly affordable costs, which means that even smaller companies can benefit from the many advantages they offer. With these tools at their disposal, small- and medium-sized enterprises (SMEs) now have the opportunity to streamline their processes in pursuit of faster, smoother, more customer-centric operations. 

Whether it’s a cutting-edge credit card terminal or a digital invoicing system, contactless payments promise undeniable gains to small businesses, particularly in the areas of efficiency and safety. This article explores the current state of contactless payments in modern commerce and some of the most compelling advantages they offer.

Understanding contactless payments

As their name implies, contactless payments describe transactions that can be completed without any physical contact between the payment terminal and the customer’s payment device. These payment methods depend on a technology known as near-field communication (NFC). NFC chips are embedded in compatible payment devices, which may be wearables, smartphones, or contactless credit or debit cards. In turn, a contactless credit card machine and other similar payment terminals will be equipped with an NFC reader that can connect to these devices and process payment.

When using a contactless credit card, for instance, all customers need to do to finalize a payment is to bring their card close to the appropriate card terminal machine. Then, with just a quick tap or wave, the payment device can quickly establish a connection with the card terminal, facilitating a secure data transfer. There’s no longer any need for the customer need to insert the card physically into the terminal, enter a PIN number, or sign any receipts. Transactions are completed and closed in a matter of seconds.

Contactless terminals are ideal for small businesses on account of their user-friendliness and minimal setup requirements. Solutions such as Maya Terminal are not only usable right out of the box but are also intuitive to operate. This means that businesses can spend less time training their employees in contactless payment processes and more time actually serving customers. Maya Terminal is also an omnichannel solution, functioning as a credit card swipe machine in addition to accepting QR, NFC, and EMV payments.

Benefits of implementing contactless payments

Contactless payments can be invaluable tools for streamlining business operations and driving more sales. Here are some of the most compelling benefits they can bring to small business owners and startups.:

Faster and more efficient

For small businesses that serve large numbers of customers per day, a quick and efficient checkout process is crucial for keeping clients happy. This is the case both for businesses operating completely online and those that have to deal with queue management at physical stores. Using a contactless credit card terminal or other similar technology enables small businesses to boost their transaction speed and overall operational efficiency, reducing long lines and wait times. 

More secure

Modern customers are well aware of the cybersecurity risks one faces when doing business digitally. Contactless payments offer enhanced security features, making them a reliable payment option. Contactless transactions employ tokenization, where sensitive payment information is replaced with unique security tokens, minimizing the risk of fraud and identity theft. Meanwhile, encryption safeguards data during transmission, further protecting customer information. 

More hygienic

Maintaining cleanliness and hygiene has become a top priority for businesses in the wake of COVID-19. One of the best ways to create a healthy and hygienic environment is to minimize physical interactions in-store. With many business establishments now making use of NFC-capable POS devices, contact between people can be minimized. By eliminating the need to handle cash or payment cards, small businesses can curb the transmission of viruses. 

Boosts customer satisfaction

Providing a seamless and convenient payment experience is crucial for making customers happy. Most, if not all, customers will appreciate the opportunity to speed through checkout and proceed to other activities with minimal inconvenience. Small businesses that leverage contactless payment technology can look forward to more satisfied customers, repeat business, and positive word-of-mouth recommendations.

Requires no additional cost

Contrary to popular belief, implementing contactless payments does not have to be a costly endeavor for small businesses. Many affordable and user-friendly contactless payment solutions are available in the market today. Moreover, the long-term efficiency gains of such solutions outweigh the upfront cost by a large margin. 

Ultimately, contactless payment solutions are a worthwhile investment for businesses of any size. Their unparalleled speed, convenience, and safety are just what small enterprises need to elevate their operations and better serve the needs of modern clients.