Payment Technology Transforms Black Friday

Payment Technology Transforms Black Friday

Once again Black Friday proved to be hugely popular in the UK with shops doing everything they could to maximise profits, and that included fully embracing payment technology.  Whilst it may seem insignificant, using card payment machines and accepting contactless card payments, can make a huge difference to a store during Black Friday week.

Black Friday

Despite economic uncertainty in Britain, spending during Black Friday was still strong this year.  Figures show that spending among consumers was up by around 7%, with a total spend of around £3 billion.  This rise seems to indicate that if the price is right, people will still be more than willing to make a purchase, irrespective of the wider economic picture.  Evolving payments technology and the convenience of online and mobile payment has significantly contributed to this rise in consumer spending.  At the end of last year contactless payments in the UK accounted for 19%, however earlier this year that figure had risen to 34%.  The remarkable growth in contactless payments is not only a reflection on the consumer, but the fact retailers are embracing it to encourage a streamlined checkout process, which is particularly important during events such as Black Friday.

Fast & Convenient

During Black Friday, it’s not uncommon to see queues at the till with shoppers waiting to purchase their bargains.  For businesses to maximise profits, it’s essential to convert every customer in the queue.  Whilst there are plenty of bargains on offer, it’s not unusual for customers to get fed up of waiting and abandon their purchase, especially if the queue is extremely long and slow moving.  It’s here where businesses can use contactless payments to their advantage.  On average, a contactless payment takes less than 15 seconds.  That’s half the time of chip and PIN.  This means more transactions per house, and better levels of service.

Simplicity

Aside from the quicker transaction times and faster queues, customers will benefit from the simplicity of contactless.  During the Black Friday sales, things can get a little hectic and the last thing consumers want to be doing is worrying about finding their glasses to enter their Pin number. Instead, they can quickly scan their card, or mobile wallet and carry on with their shopping.

Feature Rich

It’s worth bearing in mind that if you invest in card payment machines with contactless technology, you’ll be future proofing your business for many Black Fridays to come.  Contactless payments aren’t limited to cards; they can be carried out via a phone too. This presents an array of benefits to consumers such as keeping track of all their transactions and bank balance.  This is especially useful during Black Friday, not only because it speeds up transaction times, but also it helps customers feel more confident in their purchases, and may be just what is needed to convince them to go through with the transaction.

So, if you want to speed up transaction time and cut down queues during busy periods.  Perhaps this Christmas, it’s time to treat your business and upgrade to the latest payment technology.

 

Sources:

https://www.bloomberg.com/news/articles/2017-11-27/online-sales-boost-u-k-black-friday-as-retail-stores-languish

https://www.theguardian.com/business/2017/aug/09/uk-card-transactions-record-june-contactless-payments

http://www.theukcardsassociation.org.uk/wm_documents/UK%20Card%20Payments%202017%20-%20Summary%20FINAL.pdf