Methods to Promote Wherever with Contactless Funds
Originally written by Dan Matthews about Small Business
The way consumers pay for goods and services has been revolutionized in recent years. From the coins and banknotes we’ve all been using for decades to the smart digital apps of the 2020s, people today have more payment options than ever before.
As a small business owner, keeping up with advances in payments technology can be a challenge, but the truth is, it’s easier to set up than you might think.
Why go contactless?
Cash remains a popular way of buying. According to the Bank of England, there are around £ 70 billion worth of notes in circulation, which is roughly £ 1,000 for each member of the UK public.
But plastic has caught up, replacing paper and coins as the UK’s preferred payment method in 2017. At the same time, the old chip and PIN method has been supplemented with contactless methods, so that bills worth £ 45 and below can be paid quickly and easily.
Before the coronavirus caught on in the UK, there were 889 million contactless payments in February 2020 alone, the vast majority of which were made by credit or debit card. Increasingly, however, customers are also paying with their cell phones or smart devices.
At the height of the national lockdown, the percentage of non-card payments made by companies that signed up for Square payment processing rose 15-fold, from 2 percent in January to 33 percent in April.
Increasingly, businesses have gone completely cashless: by July, a third of Square’s food and beverage customers were cashless, with similar increases in professional services (29 percent) and healthcare and fitness (29 percent).
Not only are these payments quick and convenient for consumers, but they can also help save business money, reduce the risk and red tape associated with handling cash, and reduce the administrative burden of handling cash.
> See also: 40% of UK micro businesses do not accept card payments
How to integrate smooth payments for your customers wherever they are
The key to a hassle-free service is empowering your customers to pay the way they want, whether it’s through a smart device, card, or remotely through your website, phone, or secure payment link. The best way to do this is to choose a payment platform that is flexible enough to work in sync with your business, improving your offering, and creating a smooth experience every time.
It’s about more than just delivering payments: you need a solution that seamlessly connects online and in-person transactions. One that integrates with your existing ecommerce website, allows you to create a new website, or has the ability to add shopping links.
Square helps businesses accept all forms of payment in person, over the phone, or online, and make a sale anytime. Square offers a range of products that are reliable, easy to use, flexible, do not require additional staff training, and do not place you on long term commitments. It’s so easy that you can create an account in minutes. There is also an extensive range of solutions for all business types:
With Square Reader (£ 19 + VAT) you can accept chip and PIN, contactless card transactions and mobile payments with Apple Pay and Google Pay. Connect wirelessly to your mobile device anywhere and accept payments quickly and securely, knowing that your money will be with you by default the next business day.
Square Stand (£ 109 + VAT) Turns your iPad into a seamless point of sale. It comes with a square reader and dock so you can make card payments on your countertop. Thanks to Square Stand’s innovative pivoting motion, your customers can securely enter their PIN on the screen. You can easily add accessories such as cash drawers or printers to your POS system via the USB hardware hub.
Then there’s Square Terminal (£ 199 + VAT), an all-in-one portable card reader with built-in point-of-sale software that you can use to manage items, take contactless payments, print receipts and email send and send invoices. The best part is that the interface is intuitive and easy to use, so no training is required to know how to use it.
To truly meet your customers’ needs, you need a solid ecommerce website. Square’s online solutions provide answers whether you want to simply integrate payments with your existing website or create an online store from scratch and offer click and collect or delivery.
It’s built into your Square POS so you can import your item catalog in real time, keeping orders, items and inventory synchronized for smooth inventory management.
Whether you’re just starting out or looking to upgrade, you can quickly create a new, professional-looking website. No coding skills are required with Square’s Site Builder. This feature allows you to create a sleek website that works on any device. The best way to start is with one of Square’s free subscription plans.
Regardless of what you’re selling, Square Online has everything from online retail stores to ordering groceries to accepting donations from fans. You can even sell on Facebook, Instagram, and other platforms without breaking a sweat.
Square point of sale
Square’s Electronic Point of Sale (ePOS) technology allows you to run and build your business by managing sales, payments, records and inventory. It’s designed with efficiency in mind, and it’s easy to set up so your team doesn’t need additional training or skills. And you only pay when you accept a card payment. There are no monthly subscription fees or long-term commitments.
You can treat your customers like VIPs by creating profiles that better suit their needs. By customizing your ePOS system, you can speed check out, add locations and employees, and connect to a number of third-party apps that you already use.
Can you afford not to?
Before the pandemic, around half of all personal payments to Square customers were made in cash. As of July 2020, this has shrunk to less than one in four personal transactions.
In many areas, this pandemic has accelerated trends that would occur anyway. Companies have opted for contactless and a third have even gone completely cashless. Can you afford not to do this when we enter 2021?
To learn more about how Square can help your business with contactless experience, click here
How to Sell Anywhere with Contactless Payments