Cash-only businesses are becoming less and less common in this day and age. If you’re a business that has traditionally only ever accepted cash payments, here are three ways that introducing card machines can save your business money in 2018.
Customers vary in the ways they prefer to pay for their products. Having the option to pay by card will broadly widen your customer base, ensuring that you’re not missing out on the younger generation’s business (and increasingly, the older generation too). Regardless of what you sell, people like to be able to pay for their products quickly and efficiently, and, with cash, many people simply do not carry much on them these days.
Many people find carrying cash an inconvenience, opening them up to unnecessary security risks. By accepting credit and card payments, businesses can safeguard their premises and customers. Keeping substantial amounts of money on a business property can also create a whole host of security problems such as theft and robbery.
Card machines encourage spending
When a customer pays for their product or services by card, they feel safe in the fact that there’s an audit trail, showing where their money has gone after it has left their bank account. It can easily be accounted for. When customers pay by card, they are also more likely to be tempted to buy extra goods and services from you, because they don’t have to worry about not having enough available cash to spend, and now with the use of contactless card payments, they can make their purchases efficiently.
In an increasingly cash-free world, installing card machines may not just be profitable, but fundamental to your customers’ satisfaction and ensuring that you are not losing custom to competitors.
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