Consumers are increasingly using electronic payment methods to pay for their purchases.
Electronic payments offer many benefits not only for consumers but also for traders. What are these benefits?
Easy to use
Electronic payments are not only easy to use but also faster. As soon as the amount is registered on the payment terminal, the customer simply has to insert their payment card and enter their PIN code.
Contactless solutions make transactions even easier via a simple scan of the bank card or phone (or tablet, connected watch/smartwatch).
Some providers already allow contactless transactions up to an amount of 50 euros, with a maximum of 150 euros per day. If the limit is reached, simply insert the card into the reader. This makes day-to-day transactions even easier.
With electronic payments, the trader no longer has to worry about rounding during transactions. Find the rules on the mandatory rounding of cash payments.
Security
With electronic payments, there are fewer risks of theft at the checkout counter. Since the money paid is not physically present at the point of sale, there is less money in the cash registers, thus limiting the temptation to commit crimes.
Electronic payments also reduce the circulation of counterfeit notes, therefore limiting the risk of encountering that kind of fraud.
Lastly, smartphones, tablets and smartwatches offer two-factor authentication. This additional security allows for completely protected transactions!
Simplified management
Electronic payments allow daily receipts to be tracked and recorded, making accounting easier. Unlike cash, which must be taken to the bank and deposited into an account, electronic payments are automatically credited to the trader's account.
In addition, payment terminals also help to avoid money missing from the cash register. Since the trader handles less cash (coins and notes), the risk of error is minimized.
Lower costs
With electronic payments, say goodbye to the hassle of cash logistics. This often also implies a cost for storing, counting and transporting the money and checking the authenticity of the notes.
At the same time, the costs associated with electronic payments have decreased significantly in recent years. They generally vary depending on the type of terminal (fixed or mobile) as well as on its installation, activation, technical support, cost per transaction, etc.
In order to learn more about setting up an electronic payment system and the various options available, please see consult the “Obligation to offer an electronic means of payment” page.
Acceptance
Electronic payments have become more widespread thanks to technological revolutions. In addition to cash, there are now credit and debit cards, smartphones and smartwatches. These alternatives have become very popular payment solutions with customers.
The availability of a fixed, mobile or contactless electronic payment terminal allows customers to complete their transactions when they do not have enough cash. This gives them more freedom to make their purchases. They no longer need to withdraw money from the ATM, which is a time saver for everyone.