benefits of card payments

Establishing a small business is no easy feat. There is an endless stream of factors to consider during the initial planning process. One of these is payment methods offered to customers. With most consumers shopping online on a regular basis and paying via contactless methods, cashless shopping is the new normal. Whether you intend to sell your goods online or within a brick and mortar store, there are several advantages to allowing customers the opportunity to pay with card. Continue reading to find out how your small business could benefit from card payments. 

Increased sales 

Consumers are more likely to browse your goods if they are aware that you offer cashless payments. By communicating a sense of transparency early on, you can increase your site traffic and maximise sales. Consumers are also much more likely to make impulse purchases if cashless payment methods are readily available. A large majority of people in today’s increasingly digital society shop with a credit or debit card only. By eliminating such a key demographic, you run the risk of losing business and profits over time. According to a recent survey, three quarters of retail sales in the UK in 2019 were cashless. Catering to all consumers and ensuring you are keeping up with recent trends and developments can allow you to not only survive within the cut-throat retail industry but thrive. Are you in the process of making the switch to incorporating a wider range of cashless payment options but don’t know where to start? A credit card processing provider may be able to help. Getting started with a payments company that offers credit card processing for small business (no monthly fee) can save you time and money in the long run. 

Stay ahead of the competition 

Incorporating a service not offered by competitors can help you stand out from the crowd. By staying ahead of the curve at each and every turn, you can increase brand loyalty which can lead to a greater number of sales. The retail industry can be extremely competitive. If your competitors offer cashless payments, you can directly harm the business and haemorrhage profits over time by not making the same choice. Consumers are much more likely to shop with a brand that offers a wider range of payment options than one that only accepts cash or cheque. Even if they prefer the goods and services on offer on your website, they can be deterred by limited payment options. By opting for credit card processing for small business no monthly fee, you can encourage customers to shop with your brand and return time and time again. 

Increased security

As well as surpassing the competition, cashless payments can ensure you are delivering a safe and secure checkout experience for new and returning customers alike. Cash is susceptible to fraud and theft. It can be almost impossible to recover and trace if the worst does happen and you find yourself out of pocket. Card, on the other hand, offers an extra level of security and authentication to allow customers to track where they are spending as well as how much. Mistakes do happen and short-changing a customer can be the difference between them shopping with you on a regular basis and deciding never to set foot in your store again. Storing large sums of money on your premises also leaves you vulnerable to trespassers and thieves. Card payments are accepted and authorised almost immediately. This eliminates the risk of being handed counterfeit bank notes or having to deal with bounced cheques. Card payments are safer for the business as well as the customer. 

Increased customer satisfaction 

Consumers are always on the lookout for new brands to add to their existing roster of companies they shop with on a daily basis. By offering cashless payment options, you can expand your existing customer base and attract brand-new customers. A number of banks and credit card providers also offer a series of rewards schemes for new or existing customers. By shopping with a credit or debit card, customers may be eligible for a wide range of points and goodies worth hundreds. Points-based reward systems allow customers to rack up points for each pound they spend. These points can then be used to purchase items they would have otherwise spent money on. Relationship rewards, on the other hand, offer customers set discounts when they shop at a select number of stores. Prizes may also include cashback, vouchers, air travel miles and gift cards. With so many incentives for your customers, why would you not want to get involved? 

Easier bookkeeping

Bookkeeping is the process of keeping track of each and every financial transaction that occurs within your business. Without the right training and implementation, this can be a tiring and time-consuming process. Cashless payments allow you to record each transaction automatically with no need for cash handling or balancing. If you find yourself sifting through an endless list of business transactions attempting to make sense of your expenses, switching to a cashless organisation can save your brand time and money in the long run. Transaction receipts can also be sent directly to the customer’s email inbox, eliminating the need for paper alternatives and ensuring the business retains an electronic record. Streamlining the bookkeeping process can increase overall efficiency and free up time for more pressing tasks at hand. 

It can save money 

One of the key deciding factors against credit card payments is the cost to small businesses. With so many other expenses to consider, installing cashless payments can be one fee too much. This is often the case during the early stages of a small business. Whilst the equipment required to enable card payments may set you back a small fortune; you are almost always guaranteed to receive a swift return on investment. Some card machine providers also offer reduced rates or zero start-up fees for small businesses to help get them set up and on their way. You must shop around to find a provider willing to offer you a great deal to allow you to market to the masses and start selling. With almost all of your competitors offering cashless payments, can you really afford not to jump on the bandwagon? 

Improved cash flow 

Credit or debit card transactions are processed and settled almost instantly. The cash is then available in your business account within a matter of days at the very most. This can increase cash flow and eliminate a number of risks surrounding non-cashless payments. These include bounced cheques, late payments, low cash buffers, and disorganisation. Offering cashless payment both in-store and online can guarantee a steady cash flow and improve the condition of your finances. Emergency funds can be the difference between your business sinking or rising above the waves. Incorporating a wide range of cashless payment options can save your business from collapse. 

Establishing a small business is a mammoth task. With so much accountability and responsibility, it can sometimes seem as if there is no end in sight. Whether you are a brand-new business owner or consider yourself an entrepreneur, cashless payments can revolutionise the way in which you buy and sell goods online. 

Establishing a small business is no easy feat. There is an endless stream of factors to consider during the initial planning process. One of these is payment methods offered to customers. With most consumers shopping online on a regular basis and paying via contactless methods, cashless shopping is the new normal. Whether you intend to sell your goods online or within a brick and mortar store, there are several advantages to allowing customers the opportunity to pay with card. Continue reading to find out how your small business could benefit from card payments. 

Increased sales 

Consumers are more likely to browse your goods if they are aware that you offer cashless payments. By communicating a sense of transparency early on, you can increase your site traffic and maximise sales. Consumers are also much more likely to make impulse purchases if cashless payment methods are readily available. A large majority of people in today’s increasingly digital society shop with a credit or debit card only. By eliminating such a key demographic, you run the risk of losing business and profits over time. According to a recent survey, three quarters of retail sales in the UK in 2019 were cashless. Catering to all consumers and ensuring you are keeping up with recent trends and developments can allow you to not only survive within the cut-throat retail industry but thrive. Are you in the process of making the switch to incorporating a wider range of cashless payment options but don’t know where to start? A credit card processing provider may be able to help. Getting started with a payments company that offers credit card processing for small business (no monthly fee) can save you time and money in the long run. 

Stay ahead of the competition 

Incorporating a service not offered by competitors can help you stand out from the crowd. By staying ahead of the curve at each and every turn, you can increase brand loyalty which can lead to a greater number of sales. The retail industry can be extremely competitive. If your competitors offer cashless payments, you can directly harm the business and haemorrhage profits over time by not making the same choice. Consumers are much more likely to shop with a brand that offers a wider range of payment options than one that only accepts cash or cheque. Even if they prefer the goods and services on offer on your website, they can be deterred by limited payment options. By opting for credit card processing for small business no monthly fee, you can encourage customers to shop with your brand and return time and time again. 

Increased security

As well as surpassing the competition, cashless payments can ensure you are delivering a safe and secure checkout experience for new and returning customers alike. Cash is susceptible to fraud and theft. It can be almost impossible to recover and trace if the worst does happen and you find yourself out of pocket. Card, on the other hand, offers an extra level of security and authentication to allow customers to track where they are spending as well as how much. Mistakes do happen and short-changing a customer can be the difference between them shopping with you on a regular basis and deciding never to set foot in your store again. Storing large sums of money on your premises also leaves you vulnerable to trespassers and thieves. Card payments are accepted and authorised almost immediately. This eliminates the risk of being handed counterfeit bank notes or having to deal with bounced cheques. Card payments are safer for the business as well as the customer. 

Increased customer satisfaction 

Consumers are always on the lookout for new brands to add to their existing roster of companies they shop with on a daily basis. By offering cashless payment options, you can expand your existing customer base and attract brand-new customers. A number of banks and credit card providers also offer a series of rewards schemes for new or existing customers. By shopping with a credit or debit card, customers may be eligible for a wide range of points and goodies worth hundreds. Points-based reward systems allow customers to rack up points for each pound they spend. These points can then be used to purchase items they would have otherwise spent money on. Relationship rewards, on the other hand, offer customers set discounts when they shop at a select number of stores. Prizes may also include cashback, vouchers, air travel miles and gift cards. With so many incentives for your customers, why would you not want to get involved? 

Easier bookkeeping

Bookkeeping is the process of keeping track of each and every financial transaction that occurs within your business. Without the right training and implementation, this can be a tiring and time-consuming process. Cashless payments allow you to record each transaction automatically with no need for cash handling or balancing. If you find yourself sifting through an endless list of business transactions attempting to make sense of your expenses, switching to a cashless organisation can save your brand time and money in the long run. Transaction receipts can also be sent directly to the customer’s email inbox, eliminating the need for paper alternatives and ensuring the business retains an electronic record. Streamlining the bookkeeping process can increase overall efficiency and free up time for more pressing tasks at hand. 

It can save money 

One of the key deciding factors against credit card payments is the cost to small businesses. With so many other expenses to consider, installing cashless payments can be one fee too much. This is often the case during the early stages of a small business. Whilst the equipment required to enable card payments may set you back a small fortune; you are almost always guaranteed to receive a swift return on investment. Some card machine providers also offer reduced rates or zero start-up fees for small businesses to help get them set up and on their way. You must shop around to find a provider willing to offer you a great deal to allow you to market to the masses and start selling. With almost all of your competitors offering cashless payments, can you really afford not to jump on the bandwagon? 

Improved cash flow 

Credit or debit card transactions are processed and settled almost instantly. The cash is then available in your business account within a matter of days at the very most. This can increase cash flow and eliminate a number of risks surrounding non-cashless payments. These include bounced cheques, late payments, low cash buffers, and disorganisation. Offering cashless payment both in-store and online can guarantee a steady cash flow and improve the condition of your finances. Emergency funds can be the difference between your business sinking or rising above the waves. Incorporating a wide range of cashless payment options can save your business from collapse. 

Establishing a small business is a mammoth task. With so much accountability and responsibility, it can sometimes seem as if there is no end in sight. Whether you are a brand-new business owner or consider yourself an entrepreneur, cashless payments can revolutionise the way in which you buy and sell goods online. 

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