While one of the smaller changes to daily life we are experiencing as we recover from the Covid pandemic, is that many shops have switched to contactless payments and avoiding cash transactions where possible. While this may seem like a relatively small change it may have the longest legacy if customers decide to stick to cash-less wallets. But what would this mean for your business, and how can website design play a part in making your business expand?
Payments made in a physical premise are the most affected by a shift away from cash payments. Not only do some small businesses currently operate on a cash only approach, but social distancing is changing how many physical businesses can work. Many food and drink establishments have considered a switch to remote ordering, which could lead to transactions being made from customer devices or though contactless payments upon collection, while fashion boutiques have also needed to rethink how personal shopper experience could work with the new restrictions. It’s possible the solution to taking physical cash payments could go hand in hand with these changes, for instance a beauty salon that now has to take bookings in advance, could take payments upfront as part of the booking.
Ecommerce websites have grown dramatically over the last few months as lockdowns led to an increase of online purchases. A recent Forbes article reported that the last few months, ecommerce transactions have seen an increase that were predicted to have taken 4 – 6 years of normal growth. Many customers will be keeping to the safety and convenience on ecommerce, and it may be something worth looking into for your business. An ecommerce website of course relies on online card payments or gateways such as PayPal, and therefore don’t have any reliance on physical cash transactions.
But where is my money?
The thing to keep in mind in a cashless society, is that there’s no spare coins in your wallet or money under the bed. Your cash is all digital and the banks have control over it. Furthermore, that means that all transactions are subject to processing fees. An in-person card or contactless fee is usually quite noticeably less than what an online card transaction could cost to process due to the increased checks and fraud prevention that needs to take place so it’s key to keep this in mind when planning how online and contactless payments will shape the future of your business.
It’s possible that UK consumers will continue to carry and spend cash once the heightened measures relax, but its always worth thinking ahead and making sure that your business can provide the services your customers are expecting, after all, there’s nothing worse than having a customer ready to pay you, but having difficulty in making the payment.
If you have any questions in how we can help with a new website that can sell products via an ecommerce system or take payments as part of bookings and enquiries then feel free to have a chat with our team and see how we could help point you in the right direction.