Credit card payment is a traditional method that consumers are tending to abandon in favour of alternatives that give them greater security and practicality, so if you want to successfully close sales in your trade, store or fair booth, you cannot afford to ignore them.
While new payment methods have been growing at a good pace in Latin America in recent years, this trend intensified with the distancing restrictions imposed as a result of the COVID-19 pandemic. In fact, globally contactless transactions grew by more than 40% in the first quarter of 2020, according to the Mastercard study detailed in the BioBioChile portal.
It is therefore important that you know how to respond to these new demands from buyers and offer methods of payment in addition to credit cards. The following are the options available.
1. Mobile App
A mobile app for immediate payment is a solution specifically developed so that users can make their purchase from a specific operating system or smartphone brand and the establishment will be paid.
The customer needs to download (free of charge) the app onto their cellphone from Google Play or the App Store and enter their card details (debit card if they don't have a credit card) to pay from there. Your business also needs to install the app so you can receive payments.
At amiPASS, for example, we give you an app that not only allows you to get paid but also allows you to review your daily sales and not miss any (for instance if the customer's cellphone is turned off or has a bad Internet connection). We also give you a merchant code so you can pass this on to the customer and they can enter it in their app when managing their payment.
2. Prepaid card
This type of card is very convenient for users because it does not charge commission, interest or maintenance costs and makes it possible for people to manage their money more effectively, as it limits the amount they can spend to the sum that they have loaded onto the card.
Consumers can use prepaid cards to buy very easily from their cellphones since it works as a virtual card (sometimes it also includes a physical version). The following are the options for accepting payments from prepaid cards in your business, store or trade stand, as explained by the Superdigital portal:
- Contract the services of Multicaja.
- Affiliate to Transbank and request that they enable the Redcompra Prepago service.
3. QR Code
Did you know that by 2022 QR code redemption worldwide is expected to reach around 5.3 billion transactions? This is according to Mobile Payments Today, a mobile payments technology site.
QR (Quick Responsive) codes allow digital transactions to be made in minutes through internet platforms and apps. Consumers just need to scan a code with the camera of their cellphone (with a QR reader) and make their payment automatically with the balance of their virtual wallet (whether they have a bank account or not).
So if you want to offer this payment option, first join one of the companies that offer this solution in the market. Once you have done so, print your QR code and place it near the cash register or point of sale terminal so that users can use it. As with prepaid cards, it is commission-free for both the customer and your business.
Say goodbye to credit cards!
Preventing your customers from paying using alternatives to credit cards, especially now that people prefer to avoid physical means of payment, is a barrier to sales. It is better to consider the above alternatives and join the trend of receiving payments from cellphones.
The ease and speed of paying in seconds and the convenience of doing so online and all from their cellphone is something that consumers value and if your store or trade stand offers the option to do so, they are sure to buy.
Sign up here if you have a business and want to join our AmiPASS network:
You can also use QR to make your payments by downloading the App: https://www.amipass.com/cobrar-con-qr/
AmiPOS: Learn more about the success of using and managing your business. https://www.amipass.com/comercios/