Can You Avoid The Contactless Payments in Your Future?
With the emergence of mobile pay solutions such as Apply Pay, Android Pay, Samsung Pay and branded applications such as Speedpass +, contactless payment options are one of the the latest buzz topics in the industry. On top of mobile pay options, ABI Research predicted that in 3-4 years, 50% of EMV cards in the U.S. will also have contactless capabilities. But if contactless-payment solutions have been in existence for over 10 years, what is making it so important now and what does that have to do with your c-store(s)?
The answer is simple and centers around a central topic: providing a fluent customer experience. Society is continuously in search for simpler means to perform tasks and faster methods to complete goals. Since technology enables these functions, it has transformed “convenience” into “the expectation.”
Contactless-payment solutions are a technology that:
Provide a more convenient payment option
Improve the perceived customer transaction processing time
Offer a safer and more secure way to pay
According to TIME magazine, the average person checks their phone 35-46 times a day. Additionally, Craig Wigginton (Vice Chairman and U.S. Telecommunications Leader for Deloitte) believes a main contributor to this statistic is because Americans are using their phones more then ever for financial transactions ever since Apple, Google and Samsung have released mobile payment options. As more people become heavily dependent on using their phones for almost everything, how convenient would it be to provide a quick scanning option at the pump? As a c-store, by offering this functionality at your forecourt, you will appeal to all the technology addicted who step out of their car with phone in-hand.
Smart Card Alliance states that Chase, MasterCard and American Express have all reported contactless transactions to be 63-53% faster than cash and tranditional credit card. Regardless of the industry, mobile payments have proven to not only to be more convenient but easier and thus faster to use. As the demand for these attributes continues to grow in every aspect of a customer's daily life, it would be a good investment to offer this demand at your forecourt.
So mobile payments are fast and convenient - but what about security?
Fuel retailers lost more than $250 million to credit and debit fraud in 2014, according to Convenience Store News. Maintaining payment security is a must-have pillar to establishing customer confidence. Especially when in 2014, 12.7 million fraud victims went to other retailers after a security breach, according to Gemalto. Therefore, ensuring you have the proper, secure equipment not only protects your business from chargebacks and customers from fraud, but you are also protecting your brand. Before making an argument that your c-store does not need enhanced security, especially when it comes to mobile payments, think again. With around 40% growth predicted for mobile payments by the year 2020 (Future Market Insights), it is evident that contactless customers will become a valued market to tap into.
By offering these two contactless-payment options at your c-store, you bring flexibility and convenience to your forecourt. All of this makes powerful customer service that will provide stability and growth for the long-term success. If interested in learning more, please refer to Gilbarco Veeder-Root's mobile payment and contactless payment solutions.