Real Time Reception has started taking payment for our clients by credit or debit card. We are now PCI compliant. That prompted me to take a look at the emergence of contactless payments and other methods of payment.
Mark Prior Edgerton from The Logic Group has written an article about payment methods, which are currently at a watershed.
Most of our clients take card payments but, there is still a core who only take cash or cheque. It used to be the case that card transactions cost more to the retailer; I’m not sure that is still the case but in any case we should be always thinking about what our customer wants, so if your customers still want to write a cheque you have to keep taking them.
There are lots of new ways to pay available now though, here are some of them.
- Contactless – Apparently we made 370 contactless payments every minute in the last year, and increasing.
- Low Value Contactless -Later this year the limit will rise from £20 to £30 for contactless card.
- High Value Contactless – Over £30 we will be able to use our mobile devices using Apple Pay and Samsung are working on this too.
- Pingit- This sends money to the payee’s smartphone, so may not be so useful to a retailer.
I expect there will be a bit of smoothing out and I haven’t been able to find out what the fees for retailers will be, but I can foresee a time when all our money, keys etc will be held on a little digital device ( an Apple watch?) activated by fingerprint or iris. How exciting!!