Have you ever used a different company to buy a product because you don't want to pay with cash? You are not alone and many small businesses are missing out on potential revenue as they don't have the ability to process credit and debit card transactions.
There are many benefits for small business when it comes to accepting card payments including:
Retaining Customers:
Its common knowledge when conducting business that it's far cheaper to retain a customer than it is to earn a new one. With this in mind it's important that everything is in place to influence repeat custom, something as simple as having the option to pay by card, can go a long way in improving a customer's overall impression of a shop.
Online Custom:
Having a digital payment system in place can make things easier if a business wants to then venture in to selling their products online. Selling online can open up a small business to millions of potential customers and having a suitable payment method in place is vital.
Improves Reputation:
A business offering something as simple as card payments can add a lot in terms of overall credibility to a store. Having this facility can bring convenience to customers, something which could lead to the business gaining competitive advantage in the market place.
Less Cash to Handle:
Having cash on a premises is dangerous and a place of business such as a shop or restaurant that only accepts cash will be a prime target for thieves. However, many businesses remain sceptical as a fear of fraud can put them off. Other companies are worried that it will take a long time and a lot of money to set up a card payment system, as there are a few options to choose from, which some find confusing. Some providers can tie businesses into a two year contract, which isn't always ideal and can be off-putting.
With a recent survey conducted by PayPal showing small businesses are losing £800 a year by not accepting cards, it's vital for small businesses to be careful with how they spend their limited budget, it's also important to ensure they cater to the needs of their customers.Setting up card payments through a bank or a source like PayPal isn't as complicated as many fear and you can begin by getting an account with the merchant services department of a bank to receive a terminal. For companies based online, an Internet Trading ID can be obtained or you can use specialist software for a percentage-per-transaction fee and a monthly payment.
The popularity of card payments is likely to grow as customers continually demand a faster, improved service with mobile transactions proving a popular modern option. Being able to accept card transactions is something that the majority of businesses need to be able to provide to customers, whether they are small, medium, large, well established or a start-up.
