Contactless payments gaining traction in the corporate world

Right now, health and safety are major concerns in the business travel sphere, making contactless payments an appealing option for companies.

In fact, contactless payments (e.g., mobile pay) could see a major surge due to the coronavirus pandemic. And they could make your finance team’s job easier, too, explain the experts at Business Travel News.

The evidence

Recent research shows an increase in consumers wanting to be able to make contactless, in-person payments (without touching a card reader, keypad, etc.).

And it isn’t just general consumers who feel this way – the corporate sector expressed the same desire. Two in three business travelers said the use of contactless payment systems was the most important regulatory measure to ensure safe travel during the coronavirus pandemic, found a survey from BCD Travel.

It’s likely this “renewed interest” in contactless payments will be a big part of companies’ return-to-travel approaches, added April Bridgeman of Advito, the consulting arm of BCD Travel.

How to react

In light of this information, what’s your finance team’s best move? Encourage them to:

1. Do some research. If your company’s not using contactless payment methods yet, be sure to check with your bank and corporate card providers to see what they currently (or have plans to) offer with contactless functionality.

2. Communicate the benefits. It’s not just about safety during the pandemic for your travelers. To secure other employees’ and executives’ support, your team will also want to share how contactless payments can boost security and efficiency, too.

3. Consider what will change for T&E processes and policies. Take substantiation, for example. With contactless options (e.g., pre-pay online, pay by app/phone), travelers don’t swipe at the register and get handed a receipt. So, your finance team may want to add new T&E policies or issue reminders for how substantiation should be saved and submitted (e.g., directed to email, screenshotted in apps).