The way people are shopping is changing and the way customers pay for goods is evolving. Statistics show that for the first time more transactions are being made with a plastic card than paper money, and the driving force behind this shift, technology.
This evolution mean retailers and small business owners are being asked a new question ‘Are you paytech ready?
Paytech, or payment technology, describes the various methods or payment or transactions available to a consumer making a purchase.
For example, commonly businesses offer cash payments and card payments via a chip and pin card terminal, but more and more often when you visit a till or pay point you will see a variety of icons offering alternative payment methods – contactless, phone and even wearables (clothing or accessories with contactless payment features).
Many small businesses and retailers will likely have received communication from their POS (point of sale) provider offering and extension to their means of payment options, and it appears now is the right time to investigate the options – it is what your customer is looking for
To find out more about becoming paytech ready there is an easy to understand guide by Marketing Week here.
Gift and loyalty cards
Alongside the desire to pay with technology consumers are also looking to retailers to provide incentives such as loyalty and membership programmes, or gift cards.
Whilst these may seem a leap too far for some independent retailers setting up a programme to offer rewards or points based schemes is relatively straight forward. A plastic cards manufacturer, such as Simply Plastic Cards can provide guidance on establishing a card scheme as well as providing your business with a variety of plastic card options; membership cards with sequential numbering, or gift cards with magnetic stripes. These plastic cards are compatible with most payment terminal or commerce programmes.