The Future of Commerce : Understanding Why Contactless Is Here to Stay
February 25, 2021
Small business owners are well-versed in removing barriers, from finding new ways to expand and invest in their enterprise to ensuring that their customer experience is fast, easy, and optimized. There’s no doubt that the advent of contactless payment systems represents the future of commerce. Still, while many anticipated this change, few could predict the fundamental shift in consumer behavior triggered by the Covid-19 pandemic.
Recently, Visa’s Back to Business Study: 2021 Outlook revealed several insights into how both small businesses and consumers adapted to the pandemic. Significantly, according to the Visa study, 54% of consumers say they prefer contactless payment systems and would switch retailers as a result of this preference. The report almost two-thirds of American consumers say they have changed how they shop, including increased online purchases and a preference for contactless payments.
This transition to digital commerce is led by consumer demand for protection and safety at the point of sale. It also points to an acceleration of e-commerce trends already observed globally, mainly that consumers want a seamless purchasing experience. In fact, “nearly half of consumers (49%) suggested that offering contactless payment methods is one of the most important safety measures stores can offer,” and 85% “expect digital options when they shop in-person.”
According to the Visa study, small businesses are quickly responding to their customer’s desire for a streamlined experience. While in June 2020, only 20% of small companies accepted digital payments, that number has almost doubled, with 39% reporting that they now offer contactless payments.
Contactless payments are a convenient way for customers, retailers, and banks to conduct seamless, swift, and socially distant transactions. Of course, to capitalize on these new opportunities and meet customer demand, small businesses must upgrade their point-of-sale technology. Unfortunately, few small companies feel equipped to embrace new technologies.
According to the Visa study, only 12% of SMBs consider themselves “experts” in technology, and only another 29% say they are “proficient.” That means a little more than half of all small businesses consider themselves proficient or capable of quickly and easily adopting new technologies.
Contactless technologies include a variety of payment methods, from mobile apps to QR codes and more. There’s no doubt Covid-19 triggered a desire for safe, fast, and easy purchasing options, and to thrive in the post-pandemic economy, small businesses need to adapt to meet these desires.
Adopting contactless payments doesn’t just enhance the customer experience. It sets the stage for business success by improving business operations with streamlined and secure point-of-sale capabilities. Contact us to discuss how we can help you with contactless payment options for your business.
At PayTech Trust, we offer secure merchant accounts and web-based solutions for businesses of all sizes. With our collaborative suite of services and world-class cybersecurity protocols, PayTech Trust has the experience and the expertise to help your business move safely into the world of online credit card processing.