Contactless Payment Methods
One of the many changes that have been brought about in the wake of the coronavirus pandemic is the rapid adoption of contactless payment methods. The most popular forms of contactless technology to use are smartphones, smart watches, and specialized credit cards. By using radio-frequency, these devices connect with a point of sale terminal digitally to process transactions.
How popular is it?
According to recent research by Mastercard, globally, nearly 8 in 10 people surveyed said that they have used contactless payment. And these contactless transactions grew, globally, especially when paying for groceries or food. In fact, 36% of the contactless payments made globally were used to purchase food from a restaurant.
With that being said, it’s no secret that the US has been slow to adopt this trend when compared to the rest of the world. In 2018, 3% of transactions in the US were contactless, compared to 96% of transactions in South Korea. As of 2020, the coronavirus pandemic has shifted the thinking on contactless cards, with 51% of Americans now using some form of contactless payment when available.
What is the opportunity?
Opportunity arises in the chance to be ready for this new development in technology. More and more companies are offering contactless payment as another way to keep customers safe during the pandemic. Even giants like Kroger are getting involved, and have started a pilot program at several locations. As competition in the market grows, an easy way to help your restaurant stand out is to enable contactless payments.
Although, installing the technology isn’t enough. Recent research shows that only 51% of consumers were able to identify the contactless payment symbol. In spite of that, 45% of that same survey sample also reported having made a contactless payment in the past. Given this information, marketing your ability to accept these payments will be paramount to your success with them.
Contactless payment would provide your restaurant with yet another opportunity to show customers what you are doing to keep them safe, and that you care about them. You can also train your servers to mention this to guests, and even place promotions on the tables. If you typically collect payment at the table and take it to a kiosk to be processed, consider converting a kiosk or setting up an area specifically for contactless payments. For customers who decide to take advantage of this, conveniently place your contactless payment center by the door. As an added bonus, guests will notice it on their way in, too!
Not sure where to start? Sherane Chen LLC is here to help you stand out from competitors and get noticed! Contact us today or call (386) 627-3628 for a consultation!