4 Contactless Payment Solutions Each Restaurateur Should Thrive

Contactless payments have been growing in popularity, even before COVID-19 rocked the world. In accordance with Statista, contactless payment revenue in 2018 was $48 billion. There is no doubt, however, that the pandemic has accelerated the adoption of contactless payments amongst consumers and companies alike. According to a report earlier this year, 27% of companies reported an increase in contactless payments after the start of the pandemic, and Juniper Research forecasts that by 2022, over half of point of sale (POS) transactions will be contactless.

It is quite apparent that in order to flourish in the new normal, restauranteurs need to embrace a contactless payment plan if they have not already done so. Keep reading to explore how contactless technology functions, four of the greatest contactless payment solutions on the market today, the many advantages of contactless payments, and the way ConnectPOS will help you roll out these technologies out for your restaurant clients.

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How Can Contactless Technology Work?

Contactless technology largely relies on radio frequency identification (RFID) and near-field communication (NFC) technologies. Inside contactless cards, there’s a chip that emits radio waves which are picked up by the contactless payment terminal (also called an RFID reader). The terminal will pick up the signal emitted from the card, communicate with the card, and process the payment. The client is then alerted the payment has been completed (or not) from the terminal.

Similarly, if a client is paying with a mobile phone or other smart device, the system employs NFC to transmit data to the terminal, and the terminal will alert the client that the transaction was successful or unsuccessful.

4 Must-Have Contactless Payment Solutions

Even as restaurants have reopened their doors, security is a priority to diners and business owners alike. The under contactless payment solutions are very popular amongst customers and therefore are important for restauranteurs to embrace so as to flourish in the new standard.

1. Contactless Debit and Credit Cards

It’s very important to restaurants to set up payment terminals that contain NFC capacity so they can process contactless credit and debit card transactions. These terminals, in addition to credit and debit cards capable of contactless payments, have a contactless payment emblem on them to signify contactless transactions are supported. When it is time to cover, clients simply hold their card one or two inches apart from the contactless emblem on the terminal and voila — the payment is made.

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2. Mobile Wallets

Mobile wallets such as Apply Pay and Google Wallet — that are available on a selection of devices such as smartphones, smart watches, fitness trackers, key fobs, and much more — operate similarly to contactless credit and debit cards. Diners simply hold their apparatus in close proximity to the contactless payment terminal to complete their transactions.

3. Pay at Table

Another terrific contactless payment solution for restauranteurs is cover at table. In accordance with Mobile Payments Today, 69 percent of diners believe that waiting for the test is the most annoying part of the dining out experience. Help your restaurant clients enhance their diners’ experiences by incorporating pay at table in your POS software. Pay at table performance can empower guests to just check via the restaurant app where their invoice can be associated for their mobile device, making a seamless transaction where diners can pay anytime and there isn’t any reason for a server to touch their card or money.

4. QR Codes

Restaurants searching for a simple, affordable contactless payment system need not look farther than their receipt printer! If restauranteurs have receipt printers capable of printing QR codes, such as ConnectPOS printers, they could print QR codes which diners simply scan using their smartphone , which then opens the restaurant’s app or site where customers can pay their bill.

Benefits of Contactless Payments

Safe: It probably goes without saying, but contactless payments are far safer than conventional payment methods thanks to less human contact and fewer chances to come in contact with other people’s germs and viruses.
Safe : Despite the belief that mobile contactless payments are less secure than traditional payment procedures, the opposite is true. In accordance with Fast Casual,”Mobile payments are processed with no transport of sensitive information. Apple doesn’t store consumer data on their servers, and Google encrypts the financial information they get. The safety measures on the phone itself — face recognition and fingerprint scanning, such as — shield card data in case of a lost or stolen phone.”
Suitable : Who does not love convenience? Contactless payments procedure in about half of the time of the more traditional procedure of adding a card’s chip into a card reader.
Profitable: Did you know that customers using mobile wallets make purchases at a rate 23% greater than those who pay with physical card or cash, and spend 2.4percent more per transaction, according to investigators in the University of Illinois? It is true — and we are positive that by providing convenient and safe contactless payments, your restaurant clients will experience happier diners that are more inclined to come back to the business.

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