The global pandemic has influenced us to switch to a new normal lifestyle with strict adherence to social distancing. The inevitable need to avoid human contact in public spaces has resulted in the massive growth of the cashless economy. In fact, Visa, a leading payment technology company, claims to have witnessed a whopping growth of 187% in online cash transactions since April 2020.
Why zero-contact payments are a necessity
Cash circulation cannot be avoided despite the physical distancing initiatives in place to prevent the spread of COVID-19. Given the scenario, the community has no choice but to dodge traditional payments and opt for their digital counterparts ie. contactless payments to satisfy their everyday needs. Doing so, they can stay safe while gaining uninterrupted access to essentials that only money can fetch.
Perks of contactless payments for transportation business
By implementing online transactions in your taxi business using a digital solution, you can automate fare calculation and monitor revenue flow while allowing your customers to make fast and secure payments. Here is how it works.
With a taxi solution, you can provide your customers with special discounts when they use selected online payment gateways to pay their ride fares. This way, you can entice your existing customers to come back to you for more rides while prompting new ones to use your ride-hailing app thereby increasing the number of app downloads and expanding your customer base synchronously.
When it comes to a digital taxi suite, customers can pay for their rides online and receive auto-generated invoices via the passenger app. As there is maximum transparency in terms of ride fare calculation, you end up earning the confidence of your potential customers.
Besides, with automated billing, you can eliminate paperwork which, in turn, saves you time and cost.
Multiple payment options
By enabling touchless payments for your taxi business, you can provide your customers with multiple payment choices including in-app wallet, credit card, debit card and much. Online payments can be done instantly and also saves customers the trouble of carrying currency notes. Besides, digital transactions are end-to-end encrypted and promise utmost security.
Hassle-free revenue management
Efficient revenue management is an integral part of any business. By promoting online transactions, you can easily monitor the cash flow into your ride-hailing business.
Also, with virtual payment methods, you can initiate on-time payroll processing for your drivers based on individual commission rates. Nothing can pep up your drivers like on-time remuneration especially during uncertain times such as this one. This way, you can encourage your workforce to exhibit maximum productivity which ultimately results in business growth.
Ready to enable zero-contact payments for your taxi business and improve prospects? Get in touch with TaxiMobility today.