How we’re making payment flow better in taxis
An interesting case study about payment flow looked at how having fast, secure in-car Visa card payments is helping Dublin-based National Radio Cabs (NRC). This useful service not only frees passengers up from worrying about carrying enough cash – it protects drivers, grows sales and makes business more efficient.
How it works
The driver enters the fare and passes a small hand-held terminal to the passenger.
- Insert their Visa card and are given the option to add a tip.
- Punch in their PIN or write their signature.
- An instant request for authorisation is then generated, made via a secure mobile connection.
- The payment terminal is passed back to the driver who then prints out receipts for both him or herself and the passenger.
The handy and hassle-free option for the customer
With in-car Visa card payments, not only can the customer pay the fare without having to find the nearest ATM en route, they’re not weighed down by pocketfuls of coins, They enjoy the same easy access to their money in the cab as they get when using their Visa card in shops or on the internet. National Radio Cabs are showing that even traditional cash markets, such as paying for taxis, flow more easily when there’s an option to pay electronically.
How the cab company benefits
NRC drivers don't have to carry, or handle,so much cash. Chip and PIN also makes card payments as safe and secure for them, as it does for the customer. In fact, since this facility was introduced, NRC has seen its sales go from strength to strength. It’s been able to reduce the amount of time it spends manually processing cash – which has the knock-on effect of lowering staff costs.
NRC sees in-car Visa card payments as ‘the way of the future’. In fact, it plans to extend the facility from the 350 taxis it has on the road today, to its entire direct fleet of around 800 vehicles.
The bigger picture
Any business, large or small, can use electronic payments. They help customers make easy, convenient and safe payments. And, importantly for business, they drive down the costs associated with handling cash. A UK study by The Centre for Retailer Research showed that 2.75% of retailer receipts are eaten up in this way.
Bear in mind too, that bank charges are not the only cash cost that businesses face. There is also the counting, re-counting, weighing, storing and banking aspects. Not forgetting – moving notes and coins, all of which increase the risk of counterfeiting and robbery.
What Visa Europe is doing now
The NRC example from Dublin proves that card payments can easily move into areas where cash once ruled. It’s why Visa Europe is exploring other options across Europe. Adding to a growing choice of electronic payments – using the latest technologies to break down barriers and a reliance on cash.