From 2019-2020, the amount of people using mobile payments has increased by 7.4 million. Contactless payments provide us with a quick and convenient payment solution. In fact, contactless payments are 25% quicker than paying with cash. And when do we want a quick transaction? When we are paying for a taxi.
For the last eight years, many cities around the UK have introduced laws stating that taxis must accept card payments. Transport for London (TFL) was the first to incorporate this law in 2016. Yet, back in 2016, only 18% of payments were made using contactless. Today, contactless payments account for 76% of all debit card transactions. We now rely on contactless payment solutions, like our smartphones or smartwatches. If taxi drivers only accept cash, they run the risk of turning away over half of their customers. So, why don’t all taxi drivers accept contactless payments?
There are three main points that deter taxi drivers from accepting card payments:
1) Transaction fee
Many taxi drivers fear the processing fees that companies charge per transaction. There is a misconception that the fee is a lot higher than it actually is.
2) Processing time
Immediate cashflow is important if you are self-employed. In some cases, it can take up to five days for the payment provider to deliver the funds to your bank account.
3) Initial fee
The initial purchase fee for the card machine can be daunting for first-time taxi drivers.
Tapeeno eliminates these worries. With tapeeno there is no set up fee, no monthly charges and no contracts.
What is tapeeno?
tapeeno is a free mobile app that can be downloaded on most Android phones. We turn your phone into a card machine, which can accept contactless transactions up to £100. tapeeno uses Near-Field Communication (NFC) to take payment from your customers.
How can taxi drivers use tapeeno?
tapeeno is a cost-effective way for taxi drivers to start accepting cards. Think of tapeeno as a pay as you go, or rather tap as you go, service. There is no set-up fee and no contracts. Simply use tapeeno as and when you need it. This is ideal for those new to the taxi industry and who are transitioning to card payment. You can try tapeeno risk free, as you haven’t agreed to any lengthy and costly services.
It is important for taxi drivers to accept a wide range of card payments. tapeeeno accepts all Visa, Mastercard and Maestro cards. When accepting these card payments, we only charge 1.5% per transaction.
To combat the funding delays that people experience, we offer our customers Faster Processing. This is UTP’s free service which enables businesses to get paid within an hour. Payments are processed Monday to Friday, 9am to 5pm. This gives taxi drivers a similar level of immediate income and flexibility as cash.
To keep customer satisfaction and loyalty high, you must keep up with payment trends.
Are you a taxi driver looking to use tapeeno to accept contactless payments? Apply today!
Apply online: tapeeno.com/apply
Sales: 0330 555 00 55