It will probably come as no surprise to you to learn that more and more small businesses are beginning to accept card payments. And with acceptance of contactless payments, for all transactions under £30, the advantages of accepting card payments are numerous and incredibly beneficial for any enterprise - regardless of their size.
If you aren’t currently taking card payments, you would be wise to strongly consider changing your strategy and incorporating another element of taking transactions. So what exactly are the key reasons why you should start taking card payments right now?
Accepting card payments really demonstrates that you care about the needs of the customer. Today, it is almost expected that a business will take card payments - therefore, this is how people will expect to be able to make a transaction. By not having this in place, you could seriously be missing a trick. According to Go Compare (who cite a report from Barclaycard), one in six customers will simply walk away from making a purchase if their cards are not accepted. This means you could end up losing a lot of money by not implementing any kind of system that enables card payments.
Taking card payments will give you access to a pool of customers which you wouldn’t have had previously - why? Because it will be easier for you to make sales quickly. This in turn will make your business look more professional. Generally speaking, it just looks much better in terms of the way your business is perceived if you allow people to make card payments. Nothing looks worse than telling people that you cannot accept card payments and you end up losing a sale as a consequence.
If your business is reliant on accepting cash payments then you will find yourself having to store a significant amount on site. This will make you more at risk if someone was to break into your store or business premises. By having less cash on site, you will be at less risk - if this terrible scenario were to occur. This will also mean that you will have to spend less money on security measures to protect your cash. Additionally, the less money you have on site will mean you have less to worry about in terms of employees taking advantage of till access. Plus, you won’t have to concern yourself about taking regular trips to the bank.
Another huge benefit of taking card payments is the possibilities it presents in terms of your online presence. It’s not just at your till where you can accept card payments: if you have a website, you can also take card payments through this as well. Once you have set up a merchant account, you will be able to set up a payment gateway. This is essentially a system that allows you to take debit and credit card payments through your website - something which we offer here at Payzone. Unlike taking payments at your store, enabling transactions online can be done from anywhere at anytime. This simply is not possible if you don’t accept card payments.
In terms of your rivals, accepting card payments can help you in two ways. Firstly, if none of your competition are currently using this method, you will have something which will make you stand out. It might just be the factor that lets you ‘pull ahead’ of your competition. On the flip side, your business might be struggling, with most of your competitors accepting card payments. You would probably have to follow suit in order to keep up. Once you have this put in place, you will be on a much more even-keel with the rest of the marketplace. This will allow potential customers to look upon you more favourably and judge you based on what you offer and not for making payment inconvenient.
Interested in taking card payments? At Payzone, we can get you set-up with a merchant account service which will allow your business to accept credit and debit card payments - whether you need to take payments using a card machine, online or over the phone.