Sometimes it feels like a losing battle to get ahead of business costs. But in order to continue succeeding with customers, you need to set your business apart from competitors, so keeping up with the times is important.
If you still haven’t added the option of card payments for your customers, here are three reasons to get on board.
1. Improve customer experience while saving time and money
Accepting credit and card payments saves money and time, and makes the customer experience better to keep them coming back.
The world is competitive, especially for small business owners, so it’s important to keep up with the competition. If customers can pay the way they want, they will always feel happy to come back again.
Think about when you’re a consumer; how do you prefer to pay in store? It’s always simpler to just pull out your card, and for the first time ever, card payments overtook cash payments as the preferred method of payment in the UK as of 2017.
Ultimately, it’s much easier than carrying around cash or visiting a cashpoint. If a business doesn’t accept card payments, customers won’t find their experience as easy and may look elsewhere in the future.
2. Streamline your payment process to minimise stress
Card transactions provide your business with an instant response that ensures the required funds will be sent to your account.
Processing a card payment results in an automatic response that lets you know whether a payment has been successful or not.
If you accept cheques, you won’t know if a transaction succeeds until days later, so card payments allow for far more secure cash flow. There is also no need to manually process the transactions; the card machines automate the whole process.
3. Have protection against unfair payment claims
Card disputes are far easier to resolve than those for cheques or other payment methods.
If a customer disputes a card charge, your business will be able to provide receipts and authorisation evidence to the card processor that prove whether a transaction was lawfully authorised.
It’s also useful for customers, as their bank statement will provide proof of purchase in case they lose their receipt. Disputing other types of payment is far less clear, as there isn’t such a definitive paper trail, so it can become messy.
Accepting credit and card payments is essential in the modern market. It is a solution to many challenges that a small business will face, and will help keep customers happy and cash flow healthy.