Currently, contactless transactions are capped at £30 which was increased in September 2015 and it seems as though more and more retailers would be happy to increase the limit.
A recent survey by Barclaycard has found that 75% of retailers who introduced contactless payments have seen an uplift of 30% on figures from 2016
The same research suggests that almost half of the retailers who took part suggested that the spending limit should be increased to £100.
Originally contactless technology was introduced in 2007 when Barclaycard designed a contactless system to assist London commuters with Oyster payments.
Contactless payment technologies are increasing across credit and debit cards transactions and other associated payment technologies such as phones and watches. 6 out of every 10 consumers in the UK use contactless payments and this figure is expected to rise to 300% by the year 2021.
So it would seem that now we have hit the 10-year mark since contactless payments have been brought in the UK it seems consumers are happy with the convenience, speed and security that is currently on offer at many checkouts’s up and down the high street.
Does your business offer contactless payments?
You may be using older chip and pin machine technology in your business and thinking about the numbers above. Clearly, there are positives to be taken from this research, retailers are demanding increases in capped £30 contactless transactions, 30% uplift on transactions at checkout and the numbers look good for the future.
So what can your business do?
Firstly talk to your card merchant supplier, they may be able to help upgrade your merchant card terminal. Or, shop around the market and see if there are alternative providers who have better technology with better pricing.
Check with the provider that they are able to work with business cash advance loans too. This will give your business the option in the future of raising unsecured funding against your card cash flow sales if you ever require a business loan.