Modern business is highly competitive, regardless of what sector you look at. Each and every brand is looking for ways to get ahead of it’s rivals and drive traffic to their business by providing the best service possible.
With credit cards being prominent within a range of personal finance options, most businesses offer card processing to accommodate the world of cash-free and contactless payments.
If your business is yet to introduce card payment services, here are some big reasons why you need to join the club.
Increased sales
In an ever increasingly cashless society where two thirds of payments are card-based, you’d be foolish not to offer your customers the convenience of their preferred payment method.
Card payment is not only preferred but expected these days, and you risk losing custom if you don’t provide it.
Many customers prefer to use their cards not only for ease of use but because credit providers usually incentivise card purchases with various accumulative perks. This, in turn, increases impulse buys which a trudge to the cash machine can kill.
Put simply, card payment increases buys, so it’s in your very best interests to offer it.
Cash hassle
Undoubtedly a first world problem but dealing with large amount of cash and cheques is, in modern terms, a bit of a pain.
Operating a cash run business means a lot of change, a bulky float on a morning and the occasional awkward ‘have you anything smaller than a twenty?’ to the customer.
More importantly than that, a lot of cash need to be stored, protected and requires regular trips to the bank. It also means more cash on the premises, thus a higher security risk. Lastly, you can curtail the risk of any cheques bouncing a few days later.
Card payments reduce the frequency of all the above significantly.
Streamline your business
Even the introduction of technology as everyday as a card machine adds several optimisation benefits to the business.
Credit card transactions improve the cash-flow process, with money arriving in your bank within a couple of days rather than a week, which is incredibly important to smaller businesses.
If you use a PDQ machine, then the bookkeeping from any card payments is automatically done, making the ledger run a bit smoother. The overall billing process is also improved, reducing time of transaction and the risk of error.
Further to this, card payment records offer businesses ready-made actionable data around buying patterns, spending habits and behaviour, which means potential strategic benefits for the future.
It’s easier than ever
As a ‘run of the mill’ technology, the card payment process is not just becoming slicker but more diverse and accessible for even the smallest of businesses.
Whatever type of business you run and whatever size, there is an option to suit your company.
A merchant account allows for online, in-store and on-the-go payments, making it perfect for a multi-channel business.
A POS system offers a better focus for an exclusively in-store business, whilst an online-only business can use an online payment gateway.
Finally, mobile payment processors are available from as little as £20 with no set-up or monthly fees, meaning there’s not much excuse to not get on board.
Level the playing field
Last but not least: don’t get left behind.
If all the reasons above haven’t convinced you a business should offer card payments, know that virtually every one of your competition are. In a culture of convenience, offering at least the same as your direct competitors stops you losing those valuable sales.
Of course, every business is different and needs to find a card processing system that suits them but, with so many significant benefits, it seems only logical to join the masses and offer card payment services.
