Why it’s Never Been More Important to Accept Card Payments
Since 2010, there’s been an immense shift in the way people pay. Just a decade ago, cash was used in six out of every ten transactions, and businesses could get away with taking nothing but coins and notes.
However, over the last ten years, the volume of card payments in the UK has increased by 10% annually, and the usage of cash has declined as a result. Today, card payments now account for a staggering 80% of retail sales in the UK, with debit cards alone making up three-fifths of transactions.
Although the sharp increase in card payments has been hastened by the advent of contactless, the ability to pay from your phone in seconds isn’t the only factor that explains the decline of cash. Increasingly time-poor shoppers often prefer to forgo the hassle of ATMs, and now, more so than ever, consumers are actively avoiding the risk of picking up germs from well-circulated cash.
But despite this shift in consumer behaviour, many small, independent businesses still only accept cash because they worry about the cost, security, and management of an additional payment method. But in this day and age, these risks are minimised, and there are an abundance of reasons why you should accept card payment.
Why Your Business Should Accept Card Payments
1) Deliver a Better Customer Experience
When handling cash, there’s always the risk of error. Indeed, it’s possible that a member of staff could fail to give the correct change, leading to a customer complaint. With an integrated card machine, you minimise mistakes by having the exact amount appear on both your POS and card machine automatically, leaving no room for error.
Card payments are also quicker than cash transactions, allowing you to provide a speedier service while reducing irritating queues. Plus, the ascent of card is only likely to gather even more pace following the emergence of the COVID-19 pandemic. Speed and cleanliness are at the forefront of customers’ minds, meaning you’ll be significantly disadvantaged if you’re not able to cater to shifting consumer preferences and habits. Put simply, if you’re not able to ease your customers’ concerns, and provide a safe experience, they’ll take their business elsewhere.
2) Simplify Accounting
Counting cash is a time-consuming process, and one that’s frequently subject to human error. By accepting card payments, you minimise this risk by having daily card totals automatically calculated within your back office.
What’s more, with Epos Now’s point of sale solution, you can easily integrate with Sage, Quickbooks, Xero, and more, to keep on top of your accounting and save hours of time. With integrated bookkeeping, all transactions are automatically recorded, and can be simply exported to your accountant at the end of each quarter, saving time and reducing costs.
3) Card is more Secure
Taking card payments reduces the amount of cash that you have on-site since card transactions go straight into your bank account. This means fewer risky trips to the bank to deposit cash, and more security against theft from staff or otherwise.
4) Improved Cash Flow
With cash from sales going directly into your bank account within a matter of days, you’ll have less reliance on bank finance and overdrafts. When you open up your store or restaurant to online sales - where card payments are mandatory - this will also increase your cash flow simply through expanding your reach as a business.
5) Get More Customer Data for Marketing
A further advantage of accepting card payments is the way it allows you to gather customer data. When taking payments over the phone or online, you can process valuable customer information, including name, email, and contact telephone number. Use this information to develop meaningful relationships with your customers, and inform your future marketing campaigns.
Just as importantly, on an Epos Now POS System, you can see transactions for each individual customer, and store important information like the type of products they enjoy so you can market directly to them with ease, and create personalised experiences.
We integrate with global payment providers including PaymentSense and WorldPay to allow seamless transactions. Your Epos Now system communicates with your card machine meaning fewer mistakes, as staff will never have to key the amount in manually.
In 2020 it is simply easier and cheaper than ever to accept card payments in person, online and over the phone. To get started with a fully integrated POS System and Card Machine, get in touch:
