If you have recently launched your own business, you may think purchasing a card terminal is a low priority expense. However, in today’s modern world it is crucial you are able to offer customers a card payment option.
Recent data revealed that card payments are now more popular than cash transactions, with over 13.2bn card payments taking place in 2018 alone. This means the use of card payments has increased by 14% since 2016 and this figure is only set to rise. Below we look at some of the ways a card machine can benefit a small business…
Doesn’t limit your customers
Businesses of any size can benefit from a card terminal; for example, if you run a small market stall you may think card payments are unnecessary and ask customers to pay in cash. This limits a customer to spend only what cash they have with them, but if you offer non-cash payments, they will be able to spend more money at your stall.
In fact, there are a number of markets in the UK now that only accept card payments!
For a new business, establishing yourself as a reputable and trustworthy business can be difficult. Having a card machine not only looks professional but shows you are taking your business seriously, something that will impress potential customers.
The next step
If you have decided purchasing a card machine is the right choice for your small business, there are some important things you need to ask yourself…
1. Which card machine is right for my business?
From contactless to countertop terminals there are multiple kinds of card machine available. To help you make this choice, we break down which machines are better for different businesses here.
2. Have I got a merchant account?
A merchant account is a protection-based account where customer payments sit until the transaction has been authorised. Merchant accounts are necessary for payments to be completed and can be supplied by your PSP (payment service provider).
3. Do I need the card machine long-term?
If you are a brand-new business and are unsure if you need a card payment machine long-term, consider hiring a machine for your next event or sales opportunity and see how it benefits your business. Find out more about accepting card payments here.
May 17, 2019