In Association with CARDPAY365
6 REASONS YOUR BUSINESS IS BETTER OFF WITH CHIP & PIN
Find out how a card machine can help you boost sales, attract customers and improve credibility.
In today's marketplace it's proven that a business will be more successful especially the smaller independents and multiples by accepting credit & debit cards, Plastic payments have been around for decades now and have always been a quick and convenient way for people to pay when they are out of cash / or just don't have enough cash to pay for a purchase. But accepting cards isn't just about giving customers another way to pay, they play an important role in how people perceive your business and how (and if) they spend with you.
The list below details some of the ways in which your business benefits from taking card payments.
1) ATTRACT CASH STRAPPED CUSTOMERS.
Recent research has shown that over 30% of customers avoid stores that don't take cards. With some cash points charging as for a withdrawal. Shoppers are far more likely to rely on their card if they get caught short of cash.
If you are able to accept cards, people are more likely to come into your store and start spending and they will remember next time they are out of cash and are more likely to head to your store first.
2) MAKE A PROFIT BY PREFERENCE.
A recent study of consumer spending found that as much as 70% of people prefer to pay by card even if they have got cash in their pocket / purse. Don't make payment a barrier to your business: give customers what they want (a choice of payment options), be careful not to put people off with a charge for paying by card. Customers may fall for this one time but they will not be back to your store to get stung again.
3) BOOST IMPULSE BUYING.
When a customer is limited by the cash in their pocket / purse they're limited in what they can spend. When you install a card machine you'll be letting customers know they can spend that little bit extra if they see something they just have to buy.
Sending them off to a nearby cash point is only likely to give them an opportunity to change their mind. Give your customers the option to purchase by card and they will spend more money, more often.
4) CUT DOWN ON QUEUING TIME.
Thanks to contactless card technology customers can now pay for goods up to the value of £30 just by placing their card close to or just on the the card machine. With shoppers now able to make rapid 'touch & go' payments you can serve more people in a shorter time (GREAT QUE-BUSTER FOR THE MORNING OR LUNCH TIME RUSH)
Having a card machine also means you can accept the growing smart phone option, (ApplePay - SamsungPay - AndroidPay) plus others that come along, these options allow for contactless transactions up to £100.
Contactless payments are particularly good for shops and retailers where the average spend is less than £20. In 2016 more than £8bn was spent on contactless cards and that figure is set to rise further as the average spend is hovering at £8.80p; well below the £30 limit and with the increased use of smart phone contactless payments.
5) IMPROVE YOUR CREDIBILITY.
It is important to acknowledge, too that embracing card payments brings other; less tangible benefits to your business operation. For example; studies show that displaying credit & debit card logos in store can help to build a sense of trust between the consumer and the business they are dealing with.
If you are a small business just starting out, building a reliable reputation from the word go is key to your business surviving, so showing that you are ready to take cards is a sure sign that your customers can trust in your services.
6) CUT DOWN ON BANKING FEES.
With banks charging fees for banking cash (between 50p - 90p per hundred pounds) it can be costly to bank money. With a card machine facility you can now offer cash back to the customer (up to £100). For example: if a trader sells an Item by card transaction for £50 and gives £50 cashback, they have effectively banked £100 for just the transaction cost and saved the cost to bank the money.
Using a card machine for payment is a secure payment method with minimum fraud risk.
Card payments are convenient, if a customer has to go out of the shop to find a cash machine they are less likely to come back or may just find another shop to purchase their goods.
Some customers prefer to use 'credit cards' for their goods / services. Not everyone has enough cash left near the end of the month, plus they like the security offered by their credit card company.
Taking credit cards means less cash on the premises, plus you can offer cash back to customers which helps reduce your banking costs.