Touchless payments offers new opportunities
Anything that provides our operators and our membership the ability to increase business, is a good thing for CAMA members. Cashless vending offers another form of payment, and any time you can provide an alternate form of payment, you have the potential for picking up new clientele,” says CAMA president, Chris Stegehuis.
“This is something that’s been out there for three years, so it’s fairly new. It is interesting to see not only Debit, Visa, MasterCard and Amex, but we are starting to see more payment options come to fruition: Companies like Alipay, WePay, different electronic wallets is evolving very quickly…new forms of payment methods outside of the debit/credit world.”
The cashless, or touchless forms of payment is an emerging space that affects online, unattended sales and small businesses, and Stegehuis is confident that this will only become more popular in upcoming years as its security advantages over coin or cash-based transactions improve.
“Knowing what the hardware providers had to go through to provide certifications, the PCI requirements for all of this. What Visa, Mastercard and Interact require of the hardware providers, and the security and certifications that they to go through with these companies… our members needs to feel comfortable that there are very stringent testing practices with all of the bodies involved.
“I won’t use the word, ‘guarantee,’ but I’m certain that vendors will see a sales lift; there’s a high cost to handling coins and bills. There are tremendous costs for our members to update their equipment to handle the new notes or coins when the Royal Canadian Mint or the Bank of Canada make changes to the coins or bills. Whereas in the cashless world — although there are always changes for certification and security — most of the time, those can be dealt with by an over-the-air update. It doesn’t require the operator to visit every piece of equipment. In a cashless environment, the money is never sitting somewhere where it can be stolen.”
Stegehuis feels that there are advantages to smart-watch payments or using a phone or wallet app. “If a client doesn’t have a card on them, but does have their phone with them, they are able to make a transaction. This flexibility will only benefit the operators in the