Many business owners don’t know that contactless limits can be far higher than £100 when your customers are using a digital wallet.
“Digital wallets, such as Apple Pay or Google Pay, are the fastest growing payment method in the world and link a bank account or payment card to a smartphone or smartwatch,” says Patrick Doyle, Vice President of Point-of-Sale Solutions for payments experts Elavon Europe.
“So, if your customer doesn’t have a card but is paying using a phone or watch, then anyone taking payments for your business should know this, so you aren’t putting off customers wanting to spend over £100,” says Patrick.
The limit for digital wallets is set by your customer’s bank or their available funds.
“Digital wallets are very secure,” adds Patrick. “They encrypt all data which protects both your customer and your business. They use layers of authentication like an in-app PIN, or biometrics, such as facial recognition or a thumb print, to make sure the user is who they claim to be.”
Because digital wallets tend to use existing contactless technology, there’s no need for you to invest in new and costly hardware to accept wallets in store.
“Whatever your business model and no matter who your customers are, digital wallets are here to stay and growing in popularity,” says Patrick.
“Building them into your customer experience should be a critical part of your customer journey and payments strategy,” he adds.
Discover more about digital wallets and how they can help your business.
