02 May Why pharmacies are embracing digital payments
BOI Payment Acceptance’ s (BOIPA) recent business sentiment survey revealed over 6 in 10 businesses feel the increased use of card payments over cash transactions has had a positive effect on how they run their business.
Offering card payments with easy to install card terminals allows pharmacies to utilise these benefits by accepting chip and pin, digital wallet and contactless card transactions within days of signing up to BOIPA.
The advantages for pharmacies accepting card payments has never been clearer with BOIPA continuing to strengthen their foothold as a provider of choice within the Irish market through best-in-class customer service, competitively priced card terminal options and integrations with the leading EPOS solutions pharmacy practices are using in the industry today.
Meet your customers’ payments preference
The continual increase in non-cash transactions began over a decade ago but was undoubtedly accelerated by the pandemic. Consumers started carrying less cash and more businesses began using card terminals for the first time to support quick, frictionless transactions, especially in pharmacies where the need for tap and go, contactless payments was particularly necessary given the heightened risk of contracting Covid-19 in these environments.
According to our 2022 Irish consumer’s attitude to payments survey, only one in five prefer to use cash when paying in a pharmacy, with 43% opting for card only payments. Card transactions are the payment preference of choice with 65% of Irish adults saying they prefer to use card given its convenience and ease of use. Paying through a mobile phone or wearable device is the third most popular payment option and continuing to rise, with customers becoming more aware that they have no contactless limit given their built-in security features.
Not only does having card terminals meet your consumers preference but it also affects customer perception with the majority believing businesses offering cash-less payment options are more customer-centric and modern.
How accepting card payments better supports businesses
With running costs highlighted as the key concern for businesses in this year’s survey, it is little surprise to note the high percentage of businesses preferring card payments over cash given their cost effectiveness. Card transactions allow for money to be digitally transferred to pharmacies business bank account without needing to do lodgements or cash withdrawals. Not only does this limit bank charges, it also cuts down the amount of time pharmacy staff have to spend making trips to their local bank branch, giving time back to staff which can be used to support other tasks.
Financial administration is also simplified with card transactions creating a digital record of payments that can be easily used for reporting and accounting, cutting down the amount of back office time spent on consolidating cash payments. It also supports more routine cash flow into business current accounts with payment service providers like BOIPA guaranteeing next day settlement on all card transactions. The acknowledgement of these advantages have led to a third of businesses saying they would like to go fully cashless settlement on all card transactions.
Why pharmacies are choosing BOIPA
With almost a decade’s experience in the Irish market, BOIPA has fast become a front-runner as a provider of card payments technology. BOIPA’s annual business survey demonstrates continued endorsement for the Irish based company with 2/3 of businesses who had switched provider to BOIPA saying they rate them more highly than their competitors.
With no hidden fees and flexible pricing, including Ready Made bundle options, that adapts to suit your business requirements, BOIPA has continued to put the needs of pharmacies at the forefront of what they do. Being an Irish based company with 24/7 business support and on the ground engineers ready to install card terminals amplifies the approach to customer service that has proven to be a key differentiator between BOIPA and other providers. BOIPA’s integration with leading EPOS solutions in the industry today makes accepting card payments easier for your pharmacy by speeding up the transaction time and simplifying administrative duties and reporting.
BOIPA sponsorship of the Irish Pharmacy Awards 2023
BOIPA’s Innovation & Service Development Award’s principal aim is to reward innovation within the community pharmacy sector. The judging panel will be looking for ways in which a project is both innovative and successful. This Award identifies individuals and teams working within multiple community pharmacies in Ireland whose ideas or inventions have, or could lead to, improvement in the patient experience in all areas of care throughout their community. Entries are now closed with the winner announced on May 27th.