As cash discomfort grows, Fattmerchant adds contactless payment options
Backed by its consumer survey acknowledging a significant shift in payment preferences to contactless options since the COVID-19 pandemic, Fattmerchant is launching software that can quickly add contactless payment acceptance for its merchants.
Nearly half of the survey respondents indicated they were not comfortable making purchases in stores that did not offer a contactless payment option, while 55% said they would likely shop at businesses that offer contactless options in the future.
Orlando, Fla.-based Fattmerchant has added Contactless by Omni to its integrated payments platform to address those trends, adding the ability to create a one-click online shopping cart, adding Text 2 Pay, touch-free mobile and countertop terminal devices, a virtual portal for keying in phone orders, email invoicing and multichannel payments data reports.
“The pandemic is serving as a catalyst for contactless payments, as following COVID-19, businesses that don’t offer contactless options will not survive,” Suneera Madhani, CEO and founder of integrated payments provider Fattmerchant, said in a Tuesday press release.
The survey of more than 350 consumers revealed 41% saying they were now uncomfortable with using cash for payments.
"The heightened demand for contactless payments is here to stay, but so many small businesses don’t have the resources to accept them," Madhani added. "Contactless by Omni makes it easy for businesses across all industries to utilize contactless payments and adapt to changing consumer needs.”
Consumers' preference for cash or credit cards when making in-person payment, both at just more than 60%, was slightly ahead of debit cards at about 59%. Credit cards were preferred for online payments at nearly 60%, while debit cards were at 50% and Apple Pay at 11%.
Nearly 40% of consumers said they preferred making in-store purchases before the COVID-19 pandemic, compared with 32% preferring online and 27% saying they had no preference.
In terms of how the pandemic has changed their way of thinking regarding making purchases, nearly 57% said they would be more likely to make purchases online, while 34% said the pandemic would not change the way they make purchases.
Nearly 42% said the pandemic has made them uncomfortable about using cash, while in a separate question, 48% said the pandemic has made them uncomfortable about making purchases in stores that did not offer contactless options.