As a small business owner, you must offer your customers different payment methods. That way, the customer can purchase in a way that suits them. So, what are the payment options available, and the advantages and disadvantages of each?
If you have your own store, there are lots of merchant services available offering card machines for small businesses.
Following the Coronavirus pandemic, contactless card payments have soared. With so many people wanting to avoid handling cash or using chip and pin, contactless payments became responsible for 57% of all debit card transactions in 2020.
Customers spend up to 100% more if card payments are accepted over cash. So, if you’re a small business and you accept card payments, it’s important to make sure potential customers know that paying by card is an option.
As we move further away from cash and immerse ourselves in technology, digital e-wallets are becoming more and more popular. Having a digital wallet opens both you, and your customers, to a variety of other payment methods.
When you own a shop, you will struggle to process payments without a PDQ machine. Fewer people use cash now so you will be doing yourself a disservice if you are not catering to everyone. But, what is a PDQ machine?
In 2015, card transactions overtook banknotes and coins as the number one means of payment. So it’s not surprising that customers expect to be able to pay by credit and debit card. As a small business owner, you may be feeling unsure about how you start taking payments of this kind.
The days of simply paying by cash are long gone. Even choosing which debit card to pay with is becoming a thing of the past.
It’s becoming increasingly rare for people to pay with cash when they go shopping. In fact, it is becoming more popular to use contactless payments, rather than paying by chip and pin.
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