Card payments overtake cash for the first time in the UK
Card payments overtakes cash for the first time in the UK. Find out more...
The last few years have seen major advances in card payment technology, with widespread adoption and usage of:
The pace of technology advances isn’t going to stop – expect to see cloud-based payment systems soon – but it’s worth taking a step back to consider some of the myths that have surfaced and explore whether they’re actually true!
It doesn’t have to cost a lot to set up a card payment system. Some providers may charge a joining fee, which covers the set-up of your account. At Payzone, we don’t charge you a penny to join or leave us for card payments.
Quite the opposite! Their independence can be what enables payment providers to offer great deals, with individual packages to suit your business, and may offer extra benefits that banks often don’t.
You can get a merchant account with your bank, but sometimes their terms are not the best. There's a lot more flexibility here than many businesses realise. Some card payment providers, Payzone included, offer merchant accounts and offer a different approach with face to face visits to discuss a deal for your business.
Data protection is a serious issue for anyone who exchanges data these days, and it has given rise to the fear that customer data is at risk of theft. However, where card payments or contactless payments are made, sending data is anonymised and if stolen cannot be traced back to an individual customer.
Payment Card Industry Data Security Compliance (PCI DSS) is the responsibility of any business that takes card payments. Ultimately you, as the collector of the data, are responsible for its safety and must continue to ensure your systems protect customer data.
Contactless cards have embedded microchips with advanced encryption technology, so it can be very difficult to make a counterfeit card that actually works.
Contactless cards don’t send much information, so there’s little risk of identity theft.
Contactless and mobile device fraud accounted for £6.9 million of losses in 2016, but this is typically when they’ve been lost or stolen. There have, however, been media reports suggesting that crooks can swipe money from contactless cards when they’re in close proximity. According to the UK Cards Association, there have never been any confirmed reports of money being ‘stolen’ from a contactless card while in a cardholder’s possession in the UK. Be reassured that a contactless card has to be used in a certain way to work: just a few centimetres away from the card reader and clear of metal objects like keys and mobile phones, or other contactless cards.
Many businesses accept cash and need lots of change available, which requires frequent trips to the bank to pay in or take out cash. Quite apart from the cost of their time and transport to the bank, they’ll also incur bank charges for the cash paid in or taken out.
Cash is the least secure payment method – if it’s stolen or lost anyone can use it and, unless it’s a really large transaction, no identification is necessary.
Now we’ve cleared up some of those misconceptions about card payments, you’ll want to ensure you select the perfect card payment provider for your business. At Payzone we have a range of card payment machines available for a variety of businesses, whether that's for taking payments at the counter, around the shop floor or whilst out on the road.