There’s plenty of cashless options out there. The Apple Pay app, for example, uses near field communication technology to take contactless payments via iPhones, iPads, MacBooks and Apple Watches.
Samsung Pay does the same for Galaxy devices, while the most recent entrant, Google’s Android Pay service, arrived in July 2016 with the system built-in to Android phones.
These digital wallet services simply require the phone to be tapped at the same terminal at which you would tap a card, but the heightened convenience is tempered somewhat by the fact that there are partner limitations with all three services.
Merchants benefit as much as consumers
Much of the coverage of the shift from the bank notes to plastic, and then to smartphones, is being driven by the consumer. This means that small businesses need to get up to speed.
Take a look at your financial institution - many have brought technology to market that makes it easier for small business operators to accept payment on the spot, have the money available in their bank account in real time and alert the customers when the money hits their bank account. Mobile point of sale (mPOS) technology allows merchants and tradespeople to use their phones as effective EFTPOS terminals.
It’s clear that the way in which we pay for goods and services is changing with incredible speed. Getting on top of the changes can help a business attract and retain customers, get paid quicker, and work more efficiently. Therefore, you need to make sure you’re up-to-date with how your customers want to pay, and that you’re making the options that suit them best available.