The company has prepared a new guide, which shows how the latest payment technology can not only cut the time taken to process the payment of customer bills, but can also cut fraud and even boost profit.
According to a study undertaken by MasterCard last year in the US, customers using its contactless Paypass card were spending on average 30 per cent more since receiving the card and the increased speed of the whole process meant that customers were happier and more likely to return.
Global Payments said even if customers weren’t spending more, profitability could be increased because a speedier payments system would allow more customers to be served.
“Shaving just a few seconds from each transaction, when multiplied by hundreds of paying customers, quickly adds up to a significant amount of prospective revenue,” it said.
Is cash still king?
While the card processing company does not believe cash will disappear any time soon, it does believe that improvements in technology are starting to edge it out in many everyday transactions.
It says an increasing number of customers are opting to pay for low value items, such as a coffee or a sandwich, electronically as technology improves and as more companies offer this way of payment.
Electronic payments can also reduce the number of mistakes that can arise with the handling of cash as well as improve security within a business it adds.
A spokesperson for Global Payments said: “Developments in new payment technology represent a whole host of opportunities to boost your takings, reduce fraud and improve customer retention. Any business in the hospitality sector, no matter how big or small, can benefit from changing the way they take payments, and take advantage of the new innovations coming to market ever more rapidly.”
To find out more about how implementing new payment technology can help your business, download the Global Payments white paper here.