The change in Portuguese consumer habits that has made it more common to opt for face-to-face payments with the use of means contactless (cards, smartphones, smartwatches, etc.) along with the Bank of Portugal's recommendations and measures to stimulate payment by electronic means. cashless in-store cards (debit and credit) must be issued with contactless and the promotion and integration of automatic payment terminals (TPA), also contactless, in shops with an open door to the street, are the starting point for the real revolution we are witnessing in terms of transactions.
According to the latest report REDUNIQ Insights on the Portuguese transactional panorama in the first half of 2022, the weight of the TPA payments using means contactless continues to increase, accounting at the end of June for 55% of the total turnover of businesses connected to the REDUNIQ system, 9% more than in 2021 and 30% more than in 2020.
If these figures are already impressive, when we look at "transactions", the data collected by the report shows that the change in the payment habits of the Portuguese is, in fact, changing radically, leaving payments with physical money behind, since transactions using contactless means of payment account for 74% of the total, 9% more than in 2021 and 22% more than in 2020.
The scenarios we've been outlining over the last few lines show more than a trend, they are the image of the need for retailers in physical shops to adapt their means of payment to consumers' new consumption habits in order to maintain and even increase the number of sales.
Reasons for your shop to accept POS payments in 2023
As we can see from this small sample, there are plenty of reasons for businesses to start accepting POS payments in 2023, but there are many, many more. Come and find out!
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Improved shopping experience
Consumers are becoming more and more demanding and this demand is reflected throughout the purchasing journey, but especially at the time of payment, when the customer is sometimes faced with not having enough money to complete the transaction and cancels the purchase or "puts it in the account".
By providing a Contactless TPAThis is not the case, as the customer can pay using their debit or credit card, smartphone or any other contactless wearable and avoid carrying cash in their pocket, and the business will be able to make the sale.
This is exactly what automatic payment terminals such as REDUNIQ Smart or the REDUNIQ Easy offer your business.
Smart sees itself as Android terminal "state of the art" which, in addition to allowing business to accept contactless payments with card, chip, MB Way, Google Pay and Apple Pay, brings a set of built-in management apps that help businesses and allow them to be totally mobile and digital.
Easy, a free payment terminal with no fees, commissions, loyalty period or minimum revenue, enables your business to accept contactless payments with national and international credit and debit cards, by card, contactless and MB WAY. With REDUNIQ EasyBusinesses pay a monthly fee according to their monthly turnover.
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Faster and more secure transactions
As well as bringing your business into line with your customers' consumption habits, the use of a TPA such as REDUNIQ Smart or the REDUNIQ Easy provides faster and more secure transactions.
In terms of speed, the fact that by simply approaching the customer's contactless card or wearable to the POS, the payment operation is completed in just under 5 seconds.
In terms of security, the TPA payments allow not only the customer to carry large amounts of physical cash, but also for the business to have much less cash on hand, thus preventing theft or mitigating its severity.
In addition to this, there is also the prevention of errors with change, since the transaction through a POS will be carried out for the correct amount and there will be no need to hand over change.
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Higher number of sales, increase in average ticket and guarantee that payment is made
The speed, security and convenience for the customer that a Contactless PIN brings allows a shop to reduce queues and increase not only the number of sales, but also the average ticket (average amount spent on each purchase) as evidenced by the growth in accumulated turnover from cards of 45% in the first half of this year compared to the same period in 2021, since the customer is not limited to the money they carry.
It is important to note that in contactless paymentsFor purchases of less than 50 euros and if the overall amount of 150 euros has not yet been reached, the customer does not need to enter the card PIN.
What's more, the contactless payment by TPA gives the shop the guarantee that it will receive the money from the payments immediately in its bank account. It should be emphasised that all transactions are recorded, making it easier to manage and clarify any doubts that may arise.
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No minimum billing requirement
Both REDUNIQ Smart and REDUNIQ Easy do not require a minimum turnover. For example, in REDUNIQ Easy, the shop will pay a monthly fee according to the monthly turnover of the business, i.e. if you have less turnover you will pay less.
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TPAs don't know nationalities
Regardless of the origin of the customer's card, REDUNIQ offers businesses the solution of DCC - Currency conversion on the POS to allow customers to pay in their home currency, thereby offering additional financial benefits to the business.
