Contactless payments have been gaining popularity in recent years, and the COVID-19 pandemic has accelerated this trend even further. With many consumers looking for ways to minimize physical contact and reduce the spread of germs, contactless payments offer a convenient and safe alternative to traditional payment methods. In this blog post, we’ll discuss the growing popularity of contactless payments and how businesses can prepare for this shift.
What are contactless payments?
Contactless payments are a type of payment method that allows customers to make transactions without physically touching the payment terminal. Instead, the payment is made using a card or device that can be tapped or waved near the terminal. This type of payment is often referred to as “tap and go” or “wave and pay” and is supported by various payment methods, including credit cards, debit cards, mobile wallets, and wearables. The popularity of contactless payments has been steadily growing in recent years, with more and more businesses adopting this payment method. In fact, according to a recent study, contactless payments are projected to grow at a compound annual growth rate of 22.2% between 2023 and 2026, driven by factors such as increased adoption of mobile payments, growth of contactless cards, and the rising demand for fast and secure payment methods.
The impact of COVID-19 on contactless payments
The COVID-19 pandemic has had a significant impact on the adoption of contactless payments. As the virus spread, many consumers became more cautious about touching surfaces and handling cash, leading to an increase in demand for contactless payment methods. In fact, a recent study found that 63% of consumers are now using contactless payments more frequently than before the pandemic.
Preparing your business for the shift
As contactless payments continue to grow in popularity, it’s important for businesses to be prepared for this shift. Here are a few tips for preparing your business for the rise of contactless payments:
- Upgrade your payment terminals: Ensure that your payment terminals are equipped to handle contactless payments. This may require upgrading your hardware or software to support the necessary technology.
- Promote contactless payments: Encourage your customers to use contactless payments by displaying signage or offering incentives for using this payment method.
- Train your staff: Train your staff on how to accept contactless payments and answer any questions that customers may have about this payment method.
- Keep up with security standards: Contactless payments are secure, but it’s important to keep up with security standards to protect against fraud or data breaches.
- Offer multiple payment options: While contactless payments are growing in popularity, it’s still important to offer multiple payment options to accommodate all customers.
In conclusion, the rise of contactless payments is a trend that is here to stay. As businesses continue to adapt to the changing landscape, it’s important to be prepared for this shift and offer the payment options that customers demand. By upgrading your payment terminals, promoting contactless payments, training your staff, keeping up with security standards, and offering multiple payment options, you can ensure that your business is ready for the future of payments.
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About Altria
Altria Group, Inc. is one of the world’s largest producers and marketers of tobacco and related products. They have been the undisputed market leaders in the U.S. tobacco industry for decades.
Altria Group is known for owning the most enduring names in American business including but not limited to Philip Morris USA, John Middleton, and U.S. Smokeless Tobacco Company.
Benefits
- Monitor and track all promotional efforts by directly integrating deals into insights
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- Generate Altria scan data report program at a click
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About Cartzie
Cartzie is a loyalty application designed by Modisoft, with you in mind. It is a one-stop loyalty and online ordering solution that is fully equipped with all the tools needed to make your business grow.
With Cartzie, you can do curbside pickups, delivery, and drive-thru ordering. Cartzie has revolutionized the way businesses interact with customers.
Benefits
- Add delivery options for your customers
- Boost your marketing efforts through targeted campaigns
- Take your business online in a few clicks
- Receive payments online for your orders
Pricing
+$49 per month with Retail Plans
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About Comdata
COMDATA has been serving businesses for over 45 years and is recognized as a leading provider of commercial payment solutions. They specialize in serving the trucking industry and are known as an issuer of fleet fuel cards, trucking permits, corporate spend cards, and paperless payroll cards.
Benefits
- Automatically transfer sales data from the Comdata POS into Modisoft back-office software
- Get an all-in-one solution to monitor and track your sales separately
- Easy accessibility to manage all your fuel sales
Pricing
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About DoorDash
DoorDash, Inc. is a food ordering and delivery platform based in San Francisco. It is the largest food delivery company in the United States with more than 50% of the market share in the convenience delivery category. It provides an on-demand food delivery service to restaurants and stores. Their services help businesses innovate, grow, and reach more customers.
Benefits
- Receive order directly into your POS System
- Manage your online DoorDash menu
- Enable DoorDash orders for your customers
Pricing
+$69 per month for Third-Party Order Management
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About Fintech
Fintech has been dedicated to serving the beverage alcohol industry for the last 30+ years. Established in 1991, Fintech operates from its headquarters based in Tampa, Florida. Supported by TA Associates and General Atlantic, Fintech automates alcohol invoice payment, streamlines payment collections, and facilitates comprehensive data capture for 1 million B2B business relationships.
Benefits
- Import vendor invoices directly into your back office
- Optimize purchase order management
- Improve your alcohol vendor management
Pricing
+$5 per month
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About Gilbarco Veeder-Root
Gilbarco Inc. is a supplier of fueling equipment including fuel dispensers, payment systems, point-of-sales systems, and support services. The company operates from Greensboro, North Carolina.
Benefits
- Effortlessly connect your POS data from the Gilbarco system to Modisoft Insights
Pricing
Included in Advanced Plan
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About Instacart
Instacart is a delivery company that operates a grocery delivery and pick-up service in Canada, and the United States. It is one of the largest grocery marketplaces in North America. Instacart makes the delivery process easy for store owners.
Benefits
- Monitor and manage your Instacart inventory levels from Modisoft Insights
- Updated Instacart inventory levels in real-time
- Avoid stockouts by ensuring accurate inventory levels
Pricing
+$19 per month
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About Retalix
Retalix Ltd was established in 1982 and is now owned by NCR Corporations. It develops licensed and supported software applications for retailers, wholesalers, and distributors of fast-moving consumer goods.
Benefits
- Easily Import sales data for reports and analytics from the Retalix POS system
- Monitor sales in real-time
Pricing
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About Paycue
Paycue is Modisoft’s preferred payment processing provider. It helps businesses to streamline their setup process to be faster and more efficient. Paycue assists businesses with faster payments and smoother customer interaction.
Benefits
- Enjoy minimal fees on transactions
- Seamless integration
- Speedy transactions
- Secure payments
Pricing
No monthly fee. Only pay when you sell.
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About Plaid
Plaid Inc. is a financial service company that builds a data transfer network that powers digital finance and fintech products. Plaid assists businesses in connecting their financial accounts to fintech services. The company's product enables applications to seamlessly connect with the user's bank account.
Benefits
- Build a quick and secure connection to your bank account
- Easily manage your bank reconciliation to match your book records
- Experience an easier way to connect with your bank account
Pricing
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About RJ Reynolds
R.J. Reynolds is a leading tobacco manufacturing company in the United States. Founded by R.J. Reynolds in 1875, the company is a subsidiary of Reynolds American. RJR holds the largest brand portfolio including but not limited to Kent, Pall Mall, Camel, and Newport. The company is based in Winston-Salem, North Carolina.
Benefits
- Offer tobacco loyalty from the industry's leading brands
- Monitor all promotional efforts in just a few clicks
- Get your rebates easily
Pricing
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About Uber Eats
Uber Eats is an online platform that focuses on food ordering and delivery. The company offers easy online delivery and logistics operations. It was launched in 2014 by Uber company. The company operates by allowing foodies to order the food they love. Uber Eat connects businesses to millions of customers while providing a hassle-free delivery solution to restaurateurs.
Benefits
- Manage the Uber Eats menu through a single dashboard
- Have online orders automatically sent to your POS system
- Increase the number of online orders you receive
Pricing
+$69 per month for Third-Party Order Management
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About Verifone
Verifone, Inc. Is an American multinational corporation based in Coral Springs, Florida. It sells merchant-operated, self-service, and consumer-facing payment systems to the different industries.
Benefits
- Import data easily from the Verifone POS system into Modisoft Insights
- Keep a record of your data in one software
- Manage sales data at a glance
Pricing
Included in Advanced Plan
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About VusionGroup
VusionGroup is the global leader in digitalization solutions for commerce. It provides IoT and Data solutions for physical commerce, serving over 350 large retailer groups around the world in North America, Asia, and Europe.
Benefits
- Get the flexibility to update prices across thousands of products from one central dashboard
- Implement digital price tags in your retail location
- Limit the need for traditional label printing
Pricing
Available upon request
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