Why accept card payments?

With enhanced digitalisation and improved electronic platforms, the move towards cash-less transactions is more than ever before. As more and more customers now expect to pay using their credit and debit cards whether online or at store to pay for goods or service, it is obvious that your business should leverage the benefits card payment processing offers. You can summarise this using your own experience when you go out to shop.

Studies suggest that 3 out of every 4 transactions are carried out by card and by accepting card payments could increase your business turnover as much as 25%.

Which method do you find more convenient and quick- paying by cash, cheque or using your debit or credit card? To come to a more informed choice, we enlist some realistic and honest reasons why your business should accept card payments:

• The market is inclining towards cash-less payments and more consumers now expect to be able to pay by card.
• Holding less cash could improve cash saving. There would be less expenditure on the security to look after the cash, along with potential savings associated with trips to the bank. Did you know that banks usually charge 0.50p – 0.90p per £100 cash deposited, while the charge on a card transaction of the same amount can be as low as 0.35p.
• The cash flow steadily improves and there is less reliability on other financing options like loans or overdrafts.
• Convenience for consumers when they are less on cash. Thus, it results in increasing sales count.
• Card payments get transacted and cleared much quicker than a cheque payment. Also, the payment gets done quickly and you need not consume extra time to count the changes or wait for the cheque clearance.