The future of payments - things to watch out for
The future of card payments is exciting. Here's 4 things you need to watch out for.
Lots and lots of businesses already take card payments, and it’s very likely that a lot of your competition may be too. So, what’s stopping you?
Let’s see how your business could benefit:
Simply put, accepting cards makes taking payments from your customers a whole lot simpler.
Think about when you take cash from your customer. You need to check what they’ve given you, make sure the notes are real and then check that you’re giving them the right amount of change.
If you use a card machine to take payments, you just need to type in the cost of the transaction into the machine, and then the customer enters their PIN and the machine does the rest.
If you have a machine that accepts contactless payments, it’s even easier than that! They can simply tap their card on the machine to pay.
Either way, the machine will then connect to the cardholder’s bank, checking they have enough funds. This will all be done whilst the money sits in your merchant account. This acts as a separate holding account before the funds are transferred to your business bank account where you can access it.
It makes it easier for your end of day banking too, as you won’t need to worry about taking the cash to the bank yourself – saving you time and money!
Have you ever gone into a shop with a set limit on what you want to spend, but then seen something you really want to buy and thought; ‘Oh, I’ll just put that on my card.’?
We bet you have! In fact, in 2017, nearly 85% of consumer payments were spontaneous.
That’s why by accepting card payments and giving your customers even more ways to pay, you won’t be limiting them to the amount of cash they have on them at the time. Instead, they’ll be able to ‘just put that on their card’.
Don’t forget, card payments aren’t just limited to what you can do in your shop.
You could also open your business up to taking payments online or even over the phone. And by having all these ways to pay, it gives your customers even more opportunities to spend their money in your business.
Not to mention, with online payments, your customers can buy your products at any time and from anywhere – so if they want to buy something at 2am in the morning when you’re not working, they can!
These days, people expect to be able to pay by card, so by having a card payment system in place, you could attract new customers who don’t carry cash.
Most card machines (like ours!) can accept a range of different payments too. They can take Chip and PIN (which is your standard card payment method), as well as contactless, Apple Pay, Android Pay and Samsung Pay.
Plus, by showing what cards you accept in store (like Visa, Mastercard, Maestro and American Express), it helps to legitimise your business. Because they’re well-known and trusted brands, your new customers could be more likely to trust you, stick around and come back in the future!
We already talked about how easy card payments are, so would you be surprised if we say it makes taking payments a whole lot faster too?
Instead of having to wait for your customer to find the right amount of change (or having to count it out yourself), your customer will be able to use their credit card or debit card.
If you choose a card machine, most of them (again like ours) accept contactless payments, which means you’ll be able to take faster payments on any products up to £30.
And the payment funds go directly into your business bank account once they have been approved and checked. So, you won’t need to worry about having to go out and take the physical cash into your bank account.
Because you’ll be processing payments through a card payment solution like a card machine, it means you’ll have less cash on site.
And by having less cash on site, will mean less opportunities for theft and fraud. And this improved security could reduce your insurance costs too.
Plus, card payments are a lot more secure than cash. They use a wide range of security features like AVS checks, CVV checks and 3D secure authentication. This help to keep you and your customers details safe when processing payments.
Interested in taking card payments? We can help.
We create pricing packages personalised to your business needs and provide a short 12 month contract for all of our customers. Enquire today for a free quote.