May 26 Advantages of Cashless and Contactless Payment
In all retail environments cashless payments and contactless payments are becoming more popular than cash, especially in light of the threat from Covid-19.
Dualtron and UPOS support three different ways of removing or reducing cash payment.
In the open world of retail and hospitality, contactless payment on a debit/credit card or mobile phone is growing in popularity. The fastest way to process these transactions is with a fully integrated PED, such as a Verifone P400. By integrating this to the till, you remove the need for an operator to key an amount into the device, saving time and removing discrepancies, this also saves time at the end of day by removing the need for reconciliation.
Cashless Payments through UPay
For settings with a frequently returning customer base, or ‘closed world’, such as a staff or college restaurant, Cashless payments can be implemented on a staff or student card with many catering companies and clients opting for this. This card can be topped up and used for a variety of transactions like cashless catering and photocopying services. In a business setting, balances can even be topped up directly from an employee’s payroll.
In Ireland, the most popular of these cashless payment solutions is ‘UPay’, a mobile and desktop app from Uniware that allows the customer to take control of their payments. This allows customers to top up and order food from their phone or computer. Customers can also pay at the till using a QR code on their phone.
UPay is faster than a contactless terminal and can reduce transaction charges for the merchant.
This cashless balance can then be spent by quickly tapping a staff or student badge at the till.
Customers can also view transactions and receipts on the app, eliminating contact with a cashier as everything is processed on the app and there is no need to carry cash.
Order Ahead/Click & Collect
Customers can pre order and collect food at a selected time and location where the option is available – particularly when a catering company is involved. This speeds up service time and gets rid of the need for customers to physically go to the food service area to order their food.
Best of Both
UPay can also be run alongside a standard Contactless PED at the same till, conventional cash drawers are supported too.
It can offer an increase in efficiency and can aid a business in eliminating costs and risks with handling cash on site, while also being more hygienic for staff and customers.
Adopting a cashless payment system can help make a business relevant. Non-cash transactions are gaining popularity as Irish consumers’ payment preferences are changing. Cashless methods of paying are increasing in popularity and are being used more frequently.
As hygiene is at the forefront of consumers’ mind in recent weeks due to the spread of Coronavirus, cashless payments are being seen as a new method of payment for consumers conscious of what they touch. Contactless payments limits have increased from €30 to €50 in order to minimise the handling of cash due to COVID-19.
Reduced Queueing Times & Better Customer Experience
Cashless and Contactless can both speed up your transaction times and shrink your queues. Cashless payment methods are three times faster than cash. Not using physical money speeds up the transaction as the customer is not searching for notes and coins. On the cashier’s side, it means that they are not waiting to count the money and return the correct change. For those in the catering industry, the decrease in wait times means that food is hotter and fresher when customers consume it, which is always better for the customer.
There is also the potential to increase overall revenue. As customer wait times are sped up, there is the potential for more customers to be served in the same time frame as if they were paying through cash.
Using cashless payment as a payment option and the results it can deliver in terms of wait times and ease of payment can be advantageous. It has an impact on customer customer experience.. What benefits the customer can also benefit your business.
In a staff restaurant setting, customers do not need to leave the premises to find an ATM should they not have cash on their person, this will help you retain custom. Customers are ready to pay and continue on with their day, while you speed up transactions, potentially increase sales and expand your business to a wider audience.
The UPay app has features such as loyalty and promotion aspects (eg. 6th coffee free). Customers feel valued and like that they are getting a benefit from using the app, enticing them to use the app as a payment and ordering solution, which has the potential to increase business and make the customer feel like they are valued. This can facilitate return business. The UPay app can reduce wait times during busy periods.
Currently, hygiene is a main focus point for both consumers and businesses. Cashless and contactless systems can benefit businesses as the hygiene and health of both staff and patrons is protected.
With the UPay app, the need for cash is gone and it reduces interaction between cashiers and customers. People have the option to order online and collect pre ordered food from a designated area.
Money picks up dirt as it is passed around. Cashless and contactless payments eliminates this. This is particularly helpful in industries that deal with food preparation.
Cashless tills are easily cleaned and disinfected. The touch screens and accompanying equipment are simple to wipe down.
If you have a completely cashless site, there is no risk of losing cash or theft. Tills can also be left unattended during quieter times – giving staff time to concentrate on other tasks.
The risks of shorts, over and cashiers giving incorrect change are eliminated. Businesses do not have to worry about receiving counterfeit notes.
Management has complete control over the system, refunds can only be authorised by a manager.
Retailers do not need to worry about depositing cash and with the UPay app option, businesses do not have access to bank or card details as top ups are done by the customer online.
Improve Time & Operational Activity
A total cashless system eliminates the need for cash floats – freeing up time at the opening and close of business.
The tills are easy to use, the touch screen is customisable and reports can also be generated to aid with stock control. Management has the ability to generate multiple reports, for example: to see the busiest times of the day, see the cumulative totals, what the hospitality spend is and how many visitors use the restaurant.
UPay has the potential to reduce food waste if customers are pre ordering. The quantity of food required is known by catering staff – getting rid of overproduction.
Cashless payment is also available for vending. With no worries about notes or coins causing jams or blockages, vending is readily available for customers, increasing turnover.
By using a cashless or contactless payment system to process transactions, you are investing in the future of your business, a better experience for the customer, increased safety measures and improved productivity.
For more information on how a cashless payment system can benefit your business, get in touch with Dualtron.