As more than one-third of SMEs gear up to accept digital payments, it begs the question: are businesses genuinely ready for this wave of digitalisation? Are you?
For example in Singapore, its rapid digital evolution has brought a fair share of challenges. Recent reports from various establishments across the island nation indicate a concerning rise in fraudulent activities related to digital transactions. Merchants in districts Joo Chiat and Serangoon Gardens have fallen victim to deceptive PayNow (Singapore’s electronic fund transfer service) transactions.
These instances are not isolated events but cautionary tales. As these cases continue to surface, they raise questions about the security measures in place and the need for better solutions to safeguard businesses. Situations like this highlight how important it is for merchants to choose a reliable, secure platform that lets them handle payments smoothly. It’s not just about losing money; it’s about preserving trust in technology and human intentions.
As more SMEs embrace digital payments, businesses need platforms that protect merchants’ revenues and prioritise the safety of customer information. Qashier, as mentioned in our previous article on data security capabilities, is unwavering in its commitment to safeguarding merchants and their customers.
With the risks in mind, is saying no to cashless payments the answer?
Even with an increased uptick in fraudulent transactions, the solution is to stay with contactless digital payments. The push towards a digital-centric commerce landscape isn’t merely a reactionary measure; it’s a strategic move to align with the ever-evolving consumer preferences. A Visa study that interviewed business owners in ten countries including Singapore and Australia provides enlightening insights into this.
Foremost, SMEs are recognising the winds of change, with data for 2023 forecasting an inclination towards mobile payment apps, which is expected to be at 55%. Mobile wallets follow this at 50% and contactless card payments at 36%. These numbers signify an industry trend and emphasise a collective move towards a streamlined, touch-free transaction milieu.
Concurrent with this shift is recognising the indispensability of modern integrated Point of Sale (POS) systems. They’ve evolved from supplementary to essential, pivotal in enhancing interactions between businesses and their patrons. With half of merchants gearing up to go cashless, it reinforces their faith in digital infrastructures’ advantages and reliability.
It’s also important to recognise how consumers feel about digital payment options. The study identified online cart abandonment rose when consumers couldn’t access their preferred digital payment options.
Moreover, there’s a prediction on the horizon: over 40% of consumers are gearing up to embrace cashless transactions. Driven by the increasing usage of e-wallets and other contactless forms of payment, this indicates a clear message for businesses: it’s high time to recognise and adapt to contactless payments as the prevailing standard.
Digitalisation empowers you with secure payments and more…
Remember the spike in fraudulent transactions in Singapore? In other instances in the Woodlands and Tampines districts, some merchants have had to reach out to customers who inadvertently overpaid due to PayNow transaction errors. In this situation, your immediate response would be to rectify the error by refunding the amount or contacting the customer to explain the situation. However, you may hit a roadblock – your current Point of Sale (POS) system needs the functionality to address such issues. This leaves you in a compromising position where the transaction is irreparable and potential damage to your business’s credibility and customer’s trust.
Now, let’s picture a system tailored to prevent such dilemmas. Enter Qashier – a platform built with advanced solutions in mind:
Refund capabilities: The challenges of modern retail demand agile solutions. Qashier understands this and allows businesses to refund credit card transactions effortlessly. Such a feature isn’t merely about reversing a transaction; it’s about maintaining a merchant’s reputation and preserving the invaluable trust of a customer.
Robust CRM system: One of the cornerstones of successful retail operations is understanding and communicating with your customer base. Qashier’s potent CRM functionalities enable merchants to capture and store customer contact details swiftly. This facilitates seamless communication and ensures that payment-related concerns can be addressed and resolved immediately.
As more shoppers embrace digital payments, businesses have no choice but to keep up. Digital payments are not just the future; they’re the present. As technology advances and consumer habits evolve, businesses need a partner like Qashier. We keep data security at the forefront of our operations. We are dedicated to providing safe, secure, seamless payment solutions. Embrace the future and ensure your business can transition to digital easily with Qashier.
More about Qashier
Qashier offers multiple digital solutions, including QR code table ordering, table management (F&B), employee management, customer relationship management (loyalty programs), inventory management, data analytics, and cashless payments, in an all-in-one device.
Qashier promises a seamless setup within 10 minutes, without the need for technical expertise. It boasts a user-friendly interface that is simple for anyone to learn and use. If you require assistance, you’ll find 7 days-a-week responsive technical support from your local team.
Try the Qashier app for free on your own Android device! With just one terminal, you’ll be able to accept an array of payment types, from major credit cards, e-wallets and EFTPOS. Speak to us to see how Qashier Smart POS can meet your business needs. Schedule a meeting with us here, or reach out via email [email protected].