Does your business need a card payment solution? Maybe you’re losing sales because you can’t take card payments over the phone. Perhaps you’re aware that other small businesses nearby have card payment machines, but yours doesn’t. Or maybe your customers get frustrated because they have to make additional trips to get cash out for you.
There’s lots of reasons that you might be considering a new card terminal, but here are four excellent reasons why you should do it:
1. Card payments are more popular than ever
As shoppers have got used to things like online shopping and the rise of internet banking, card payments have become more and more popular.
Over the last few years, the introduction of contactless payments (whether through a credit or debit card, smartphone or smart watch) has also boosted the popularity of non-cash transactions.
In fact, in 2017 debit card payments overtook cash as the UK’s most popular payment type. They were used 13.2 billion times that year, up 14% from the previous year. In contrast, cash was used 13.1 billion times – down 15% from the previous 12 months.
Customers increasingly expect to be able to pay by card wherever they shop. Do you meet their expectations with your current payment options?
2. Fewer people carry cash
In 2017, almost 3.5 million claimed they “almost never carried cash” – instead making all their purchases through debit and credit card transactions. With the increasing penetration of different technologies across all aspects of our lives, we expect that figure to continue to rise in the coming years.
Just consider the figures from December 2018, when 1.4 billion card transactions (up 10.5% compared to the previous December) took place – accounting for sales worth £49.1 billion (up 1.8%).
3. A card payment machine could be the difference between a sale and a lost customer
For small business owners, the rise of non-cash shoppers poses a significant risk. If more and more people are conducting their everyday lives without carrying cash, businesses who cannot cater for them are certain to miss out on potential sales.
In 2006, cash accounted for 62% of all payments in the UK. But just 10 years later, that figure was down to 40% – and in 2026, just one in five transactions (21%) is expected to be completed by cash. Offering people the option of paying by card could make the difference between them choosing you or going to your competitor.
4. The admin is easier and your staff are safer
Some cafes, bars and restaurants are making the conscious decision to say goodbye to cash forever. But the switch to make their business 100% reliant on card payments isn’t just a reaction to changing consumer habits: it also offers real-world benefits to both the business and its staff.
Without cash on the premises, a business significantly reduces its likelihood of being the victim of crime, meaning its staff are inherently safer during their hours of work.
Card payment solutions also remove the burden of jobs like cashing up at the end of each day’s trading, with card transactions simply recorded and collated on computer systems without the need for manual input.
Which business sectors most need card terminals?
Public-facing businesses are more likely than any others to need a card payment machine. By April 2017, a total of almost 900 million card transactions had been completed in the UK retail sector alone – which includes everything from local shops to high street giants and independent garden centres.
Restaurants, pubs, cafes and other businesses operating in the food and drink sector are also likely to need card machines, particularly portable card payment terminals. Customers in other sectors, such as the entertainment industry (amusement parks, tourist attractions, aquariums, etc), are also frequent card users.
If you do decide to get a card machine for your business, take your time. There are lots of card machine providers, so you’ll need to assess your options to find the right chip and pin card machine for your circumstances.
To find out more about our card machines for businesses, visit our Card Machines section.
