The Importance Of Card Payments For Small Businesses

December 29, 2017

Small businesses truly are the backbone of our economy here in the UK.  It’s incredibly important, therefore, that they move with the times and are able to modernise payment processes, so they’re able to keep up with high street chains and competitors.  However, there are many small retailers and companies out there still not equipped with the technology needed to accept card payments and this factor could be stunting their opportunities for growth.

Worthwhile Investment

To those merchants with no knowledge in the area, it might seem like a chip and pin solution is a big investment for a small business. However, the cost of this pales in comparison to the amount of money the company will undoubtedly be losing each year if they are only able to take cash payments. There are so many customers out there who, rather than making the effort to find the nearest cash point, will simply take their custom elsewhere, where they can pay via card. There are now plenty of low-cost options available when it comes to processing card payments, so it might be worth your investment in time to look into the best options for your business.

Simplified Process

Technological advances, especially in the last couple of years, have allowed payments to extend beyond debit and credit cards when it comes to chip and pin payments.  ApplePay, for example, has developed the tech to allow customers to pay for purchases via contactless payment integrated into their iPhones. If your business decides to incorporate contactless credit card terminals, you’ll open up a new level of flexibility that prepares you not just for now, but for the future, too.

Keeping Customers Happy

One of the biggest advantages of accepting card payments is the improvement you’ll see when it comes to customer satisfaction. Many of those who visit your business will be short on time or stressed, so having the ability to make a quick, painless contactless payment will be very important to them. There’ll be no more disgruntled customers who come to your till ready to spend money with you, only to discover they’re not able to actually make a purchase because they have no cash on them.  This will help your SME to grow and develop, as those who have visited you tell others about their positive purchasing experience.