5 Reasons Your Small Business Needs to Accept Card Payments ASAP

These days, most customers expect the option of being able to pay by card, even if they’re only making a small purchase. As fewer and fewer people carry cash on them as standard, it’s becoming increasingly important for small businesses everywhere to accept card payments.

Merchant card systems are a very fast, efficient way of taking payments for business owners and can significantly improve the customer experience. Accepting debit and credit card payments offers a range of benefits, not to mention that it adds credibility to your company. If your small business is not yet accepting card payments, here are some reasons to make the switch ASAP.

Less Cash Held On-Site:

Customers today use cards for purchases of all sizes, so accepting card payments will significantly reduce the amount of cash that you hold at your business location. In turn, this can help you save time with fewer visits to the bank to pay in cash required and a reduced risk of theft on the premises.

Improve Customer Experience:

Taking card payments allows for a faster and more streamlined experience for your customers. Contactless card payments can be taken with just a quick tap, reducing queuing time for customers who don’t have to wait for the customer in front to count out their cash. As a result, you’ll enjoy better customer satisfaction and may even be able to increase the number of customers that you can serve in a day.

Improved Cash Flow:

Generally, funds are cleared in a few days after taking card payments, or you can opt for a merchant services provider like UTP Group that will provide you with a card reader where funds can be cleared even faster when you take a payment from a customer – sometimes as quickly as one hour. Find out more at utpgroup.co.uk. This allows for greater income certainty, better financial planning, and more streamlined cash flow management, allowing you to rely less on borrowing.

Opens Your Business Up For Online Sales:

Online shopping has been growing steadily over recent years, and this has increased in recent months thanks to the lockdowns that have kept shops shut and consumers in their homes. Without the ability to take card payments, your business won’t be able to integrate your system with your website and start making money online, meaning that you could lose out on a huge number of sales.

Greater Flexibility:

Modern customers like to know that they can choose from a range of options, and only accepting cash really limits this. When you don’t take card payments, you might find that customers who don’t have cash on them at the time simply go somewhere else, causing you to lose business. On the other hand, a card machine that accepts contactless payments means that customers can pay with debit and credit cards, smartphones, and even smartwatches, providing them with a much more convenient, flexible experience.

In 2020, customers expect every business that they shop with to offer the option to pay by card. As a small business owner, accepting card payments is more accessible than ever before and will have a number of benefits for your company.

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