When It Comes To Payments, Are You Hitting The Mark?

June 14, 2016

Sometimes, giving your customers what they want can be hardt the latest ice cream masterpiece, the must-have toysneakers.

Other times, it’s nearly as easy as flipping a switch. That’s good news for businesses across all sectors—large and small alike. After all, the ability to respond to market trends and evolving consumer preferences is an important part of building success over the long term.

Look no further than Canadian retailer Indigo. Faced with changing consumer preferences and competition from online retailers, the company transformed itself from a brick-and-mortar retailer into an omnichannel leader, providing customers a distinctive in-store experience and a robust online offering.

Being competitive extends beyond offering the right products at the right prices. Whether shopping in a store, from a laptop, tablet or smartphone, consumers look for an experience that hits the mark when it comes to convenience, consistency and security.

When it comes to the payment experience, the easiest way to hit the mark is to ensure your payment terminals are equipped to accept contactless payments.

When Moneris asked Canadians how they prefer to pay, more than half said they prefer contactless transactions with a debit or credit card. That number climbs to 67 per cent for people aged 18-34.

Tapping a card happens to be good practice for tapping a smartphone—something we expect Canadians to do more of in the coming months.

With Canada’s big banks signing on to Apple Pay and with the introduction of Google Pay, we expect an exponential increase in the number of mobile payments in Canadian stores. Here’s why:

  • Moneris terminals process mobile payments using the same secure technology used to process debit and credit card payments.
  • Any Moneris terminal that can accept contactless payments has the ability to accept a smartphone payment. 
  • Apple Pay now works with most debit and credit cards, and together, the Apple and Android platforms hold nearly 90 per cent of Canada’s smartphone market share.[1]
  • Apple Pay offers fraud protection up to $100 per transaction.

Is your business ready for mobile payments?

Hitting the mark isn’t as easy as flipping a switch. But if you have a payment terminal that accepts contactless payments, a phone call is all it takes.

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