It may be 2018, but many UK businesses still like to keep to traditional methods of payment. Cash-only transactions are still king in up to three million small businesses.
In the UK, generally, the main form of payment that is not always accepted is cards. Therefore consumers potentially need to leave the shop and go on a hunt for a cash point machine. But is this the best way to go for merchants? How many of these customers give up and find somewhere else for their morning coffee, where they can pay with their phone or card? Whether your business is large or small, let’s take a look at why not accepting card payments, could be negatively affecting your trade.
1. You deny a chance to buy
Nowadays plenty of consumers do not carry cash around with them. In fact, one in six British shoppers are now ‘card only’ buyers (https://www.independent.co.uk/news/business/news/uk-cashless-society-one-in-six-brits-a-card-only-shoppers-debit-credit-payments-a7979206.html). This means that by not offering the option to pay by card, you run the risk of losing that customer altogether.
2. You are less likely to get impulse buyers
Often, people will make an impulsive decision to buy something they weren’t necessarily seeking. For example, they may see something in a shop and decide at the moment that they want it. If you do not take card payments, and they do not have any cash, you could easily lose that impulsiveness.
3. You have to keep more cash on site
When you run on a cash-only basis, you have to keep all of your money on site until you can take it to the bank. Accepting card payments not only reduces the need for too many trips to the bank but keeps your money safe and secure. Keeping cash on site is a risk, even if you have a safe. Plus, with card payments, the money reaches your bank much faster.
Some businesses steer clear of card payments due to fear of security. In actual fact, the latest NFC technology means that using cards is a quick, safe and reliable way to trade, making it a top choice for sellers and buyers alike.