A super important element of running a successful small business is keeping customers happy and giving them what they want - convenience.
Convenience is more important today than ever before, with 83% of consumers admitting it’s higher on their priority list now than it was five years ago, and an important aspect of that convenience relates to payments:
One of the newest kids on the block when it comes to payment technologies is wearable payments, but it’s rapidly gaining momentum and popularity amongst consumers.
Wearable payments, as the name suggests, are payment technologies you can wear - the most common example of which is the SmartWatch, but can also include the likes of rings, fobs, bracelets, cufflinks, sunglasses, t-shirts (we’re not kidding!), and more are being developed all the time.
According to the stats, wearable payments shouldn’t be overlooked by businesses working to stay ahead of the competition:
Good to know: Wearable payment devices are powered by Near Field Communication (NFC) chips, you can find out all about this clever technology here.
Studies show consumers expect multiple methods to choose from when making a payment and go as far as to say they’d consider abandoning a purchase if they couldn’t pay the way they want to.
As a small business owner, the idea of a lost sale probably sends a shiver down your spine, so to ensure it doesn’t happen and give your business a competitive advantage, offering the latest payment options is a great idea.
The good news is, it’s a super simple process to start accepting wearable payments - in fact, if you already have a card machine set up for contactless, you’re already good to go!
Wearable payments are made in the same way as contactless card and mobile payments, so any machine set-up for contactless already has the technology needed to accept wearable payments.
Don’t panic if you’re not there yet, the setup process is super straightforward. Here at takepayments, all our card machines are set up to accept contactless, mobile, and wearable payments as standard, so all you need to do is choose the right one for you:
Besides the obvious competitive advantage wearable payments can offer, there are a few other nifty benefits for your business:
It looks like wearable payments are going to become the new normal in the not too distant future, so if you want to stay one step ahead of the competition and future-proof your business, reach out to one of our friendly experts today to discuss your options.