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When it comes to payments, cash is no longer king. From buying a daily coffee to shopping online, consumers are embracing digital payments as a convenient and safe way to pay.
Even before the COVID-19 pandemic, the use of cash was steadily declining; in the past 12 months, the number of cash transactions in Australia hit an all-time low. With consumers and brick-and-mortar businesses looking to reduce their use of cash – or stop using it altogether – payment preferences and behaviours have changed dramatically in a short time.
Health and hygiene concerns aside, credit card readers and contactless payments offer a range of compelling benefits for both your customers and your business:
1. Contactless payments are more hygienic
COVID-19 has put hygiene firmly front of mind. With businesses and customers concerned about the health and safety implications of handling banknotes and coins and touching payment terminals, card readers offer a safer payment option.
Many businesses have gone completely cashless in the face of the pandemic, and those that haven’t generally offer contactless payments as their preferred payment method to support social-distancing requirements.
2. Credit card readers are more efficient
Credit card readers provide a smoother and faster checkout experience for your customers and allow your employees to serve customers more quickly. With no cash changing hands at the checkout and no need for customers to enter their PIN on a card terminal, tap-and-go payment means shorter queues in your store.
Processing payments using a card reader also means funds are automatically transferred to your business bank account, saving you the time and hassle of visiting the bank to deposit or withdraw cash.
3. Credit card readers are more flexible
Mobile credit card readers like Square Reader and mobile credit and eftpos machines like Square Terminal let you accept contactless payments anywhere. You can keep your little white Square Reader or Square Terminal at a fixed point on your counter or allow your staff to take payments from throughout your premises – a great feature for busy cafes, bars or restaurants.
Credit card readers are also a popular choice for mobile businesses like hairdressers, beauticians, dog groomers and cleaners, as they mean you don’t need to rely on your clients remembering to have cash ready.
4. Contactless payments offer better security
Tap-to-pay technology is more reliable and safe than other forms of payment. Contactless payments are secure and encrypted, offering strong protection against any hacking attempts.
Card readers reduce the risk of receiving counterfeit banknotes from customers, and, with most payments processed electronically, you’ll no longer have to worry about having too much cash in your register or making regular trips to the bank to deposit or withdraw money.
5. Credit card readers make accounting easier
With payments processed using a credit card reader, every transaction is automatically recorded, giving you a simple way to keep track of sales and making it much easier to balance your books. Contactless payments let you reclaim the time you’d usually spend counting and reconciling cash payments, allowing you to focus on the more exciting aspects of your business. Plus, with Square you can integrate your POS with popular accounting software like Xero.
6. Contactless gives you access to valuable reporting
Credit card readers support easy tracking and reconciliation of your sales. Tools like your Square Dashboard allow you to track sales and identify daily, weekly or seasonal trends so that you can optimise your roster and ensure you always have stock on hand.
With the way we shop, pay and run our businesses forever changed by the COVID-19 pandemic, contactless payments are here to stay. Credit card readers have been embraced not just because they’re safer in our new world – but because they offer tangible benefits for both business owners and their customers.
Cashless technology lets consumers pay quickly using their payment method of choice, which means businesses can serve more customers and provide a better customer experience. Card readers keep payment information safe and secure – good news for everyone. And a streamlined approach to managing payments means business owners have more time to spend on growing their businesses.
Square Reader is one of the most popular ways for small businesses in Australia to process contactless payments. Our white credit card reader is known as a fast, simple and secure way to accept contactless payments. It lets you process payments in seconds wherever you are – from working at the counter to roving your store or restaurant.
If you’re trading offsite, you can connect your Square Reader wirelessly to an Apple or Android device and take payments anywhere – its powerful battery is designed to last all day.
Square Reader costs just $65, and you’ll pay 1.6% per tap or inserted card for Visa, Mastercard, American Express, eftpos, and JCB transactions. Funds are transferred to your bank account as fast as the next day. Best of all, there are no monthly fees, no ongoing commitments and no surprises.
Find out more and order your Square Reader today on Square’s website.
1.6% card present rate applies for Square Sellers who sign up on or after 30 May 2024, or who signed up prior to this date and subscribed to a paid software plan. The rate of 1.9% will apply for all other Square Sellers who signed up prior to this date when using Square Reader, Square Stand or Tap to Pay, as listed in the Square Fee Schedule.
