Consumers like convenience and control, and QR code payments offer both.
Consumers continue to discover the benefits of QR code payments. Statista reports that more than 8 out of 10 consumers made a QR code payment in 2021, about double as many as in 2020. Furthermore, Juniper Research predicts 29% of smartphone users around the world will use QR code payments by 2025. Growth now of this type of payment, which requires little touch, isn’t coincidental. The COVID-19 pandemic had people looking for ways to minimize contact while doing business.
A QR code payments overview.
QR code payment technology is an easy way for merchant accounts to create touchless experiences. It doesn’t require purchasing card readers and PIN pads or implementing new solutions on-site. Instead, QR code payments leverage consumers’ smartphones. Consumers use their phones’ cameras to scan codes, which take them to an online payment page. The page can be customized for quick and easy payment experiences and to enhance the merchant’s brand.
Your payment technology partner will ensure that your merchant accounts are protected with the latest data security measures, such as certified, point-to-point encryption, and tokenization. Additionally, when the QR code directs consumers to a Hosted Payments Page, the merchant’s system is out of PCI scope, so compliance doesn’t become more complicated.
Once consumers had the opportunity to use QR payments, they discovered how easy they could be. There’s no need to download an app. They just scan, use payment data stored on their phones, and complete the transaction. It makes all types of payments — from settling a restaurant check and adding a tip, ordering and paying for room service, making a charitable donation, and paying for parking — quick and easy.
QR code payments, marketing, and sales.
QR code payments have another advantage that your merchant account decision-makers may overlook: An increase in marketing ROI and sales.
Merchants can print or display QR codes almost anywhere. They can appear in print ads, on billboards, on a customer-facing monitor where people are waiting to be seated in a restaurant or theater, or on a screen on the back of an airplane seat. Consumers can scan the QR code and place orders, purchase items, or subscribe to services.
Additionally, merchants can include QR codes on the bottoms of receipts or merchandise tags that take customers to online pages where they can buy complementary items that will help them enjoy their purchases more. This is a great opportunity for cross-promotions with partners to help extend a merchant’s reach with its target audience.
QR codes can also direct customers to pages where they can reorder consumable products, such as printer ink, paper products, or custom printing. Adding a QR code to a label on the product box or envelope will save customers time when they need to restock. Furthermore, they won’t have to search on the internet for a supplier or retailer. The code takes them back to the business they’ve used in the past.
Using the QR code with marketing and advertising also gives merchants something that has been difficult to track in the past. When a customer scans a QR code, the merchant knows precisely how the sale originated, providing valuable data on which campaigns and initiatives are working. Moreover, they’ll know which ones to double down on to increase sales and revenues.
But your merchant accounts can’t reach those goals unless you provide merchant account services that support QR code payments.
Contact North American Bancard to learn how to help your clients provide enhanced payment experiences and improve marketing ROI.
