A contactless future?
3rd November 2021
Now that British consumers can make contactless payments of up to £100 in many shops, restaurants and bars, transactions are even simpler. The limit went up in October.
Carlos Trenev at Epsilon House, who is a local point of contact for Dojo contactless payment devices, thinks this recent move will have an impact on businesses. Dojo processes billions of pounds of transactions each month. One of the company’s latest partnerships is for hand-held card terminals at Deben Inns pubs in Suffolk. The devices are used by a broad range of businesses, including Wimbledon and Manchester United FC.
“A lot of my work is in the hospitality sector, where the demand for speedy payment transactions is paramount. Sometimes, wifi at a business is simply not strong enough, but our Dojo devices have 4G connectivity as well as wifi, making them 80% faster than the industry average while maintaining security.”
We’ve all seen restaurant staff waving an arm in the air holding a card terminal as they struggle to connect to wifi, delaying and sometimes failing the payment transaction. Customers expect a seamless card payment method as cash falls out of favour. Some are reluctant to enter a PIN, as it means handling a terminal which has been touched by other people.
Smaller businesses value the swift payments from Dojo, normally in their bank account next day at 10am, helping with cash-flow.
“Security and speed, the ability to add tips, get a printed receipt and record transactions for detailed sales information are all part of the Dojo card terminal. The sophisticated software is point-to-point encrypted. We integrate with EPOS systems and provide next day payment, faster than any other provider. Dojo also includes PCI compliance, the industry standard to process, store and transmit credit card information securely.”
Since contactless payment was first introduced in 2007, with a £10 spending limit, the rollout has been swift and successful, with an estimated 135m contactless cards now being used in Britain. Chancellor Rishi Sunak said recently, ““As people get back to the high street, millions of payments will be made simpler, providing a welcome boost for retailers and shoppers.”
For Carlos Trenev, the market is growing at a rapid pace, with every business looking to streamline payment systems and take advantage of mobile technology.