Five ways card processing can help sole traders improve their business

October 15, 2014

Today’s post-recession economy has made business hard work for many sole traders. Although consumer confidence is continuing to rise, so is competition – and in a packed market, getting ahead of your rivals can feel tough.
But with innovation being one of the sole trader’s most traditional values, thinking outside the box remains one of the best ways of adapting to change. And if you haven’t already considered it, investing in credit card processing could be just revamp your business needs.
From barbers and plumbers, to photographers and decorators, accepting credit and debit card payments could transform your business. Here are our top five reasons to start accepting card!

1. Reduce the chance of lost custom

By simply accepting card payments, you’re opening your business to a wealth of new opportunities.
Although cash-in-hand is still incredibly important to the sole trader, UK card usage is showing is still on the up. And with a staggering 71 per cent of Brits admitting to carrying less than £20 in cash at any one time, sole traders can no longer afford to assume that ‘cash is king’.

2. A more efficient business

As well as making life easier for your customers, card processing can also make life simpler for yourself as a sole trader.
For many tradesmen and women specifically, the time it takes to wait for invoices to be processed and cleared can be incredibly costly. Furthermore, with many SMEs loosing hundreds of pounds worth of business each year as a result of invoicing , card processing offers an instant way of receiving your hard-earned fees.

3. Add trust to your operations

With credit and debit card processing so widely used, the simple sight of Visa and MasterCard logos can make a huge difference to the image of your business.
With card processing now viewed as the norm – as opposed to an optional extra – by consumers, a failure to advertise the fact you accept cards could be viewed by some as a sign of illegitimacy. By advertising card acceptance, sole traders can appear far more trustworthy and authoritative to consumers.

4. Reduce cash handling

For many sole traders, cash handling is simply part and parcel of day-to-day life. But by accepting credit and debit cards, you can help eliminate the administrative issues that are often associated with cash handling.
From reducing the chance of miscalculations made through human error, to helping free you up to perform more important tasks, card processing allows you to lessen your exposure to tedious and time-costly cash handling.

5. Increased sales opportunity

One of the key benefits of credit cards is the flexibility that they offer consumers. For sole traders whose businesses offer a more expensive range of products and services, a failure to offer this flexibility could be harming your business.
By offering credit card processing, you’re enabling consumers to spread the cost of a payment over a series of months rather than all in one go. If you’re offering a premium service/range of products, credit card processing can help increase sales figures.
No matter what your market sector or offering, card processing allows sole traders of all shapes and sizes a cutting edge over the competition. From offering consumers greater choice, to reducing administrative tasks, investing in credit card processing can open more doors than you think!