Why SMEs need to start accepting card payments

A cash-only business can seem like a good idea because of reduced overheads but running a cash-only enterprise is actually costing you money. Here we explore how accepting card payments can boost your business.

Accountancy is easier

Keeping track of cash can be difficult and cash can get lost or stolen. Online payments through card terminals, however, create a permanent record so that you can easily keep track of your income.

It is more secure

Holding a lot of cash in your business makes you a target for criminals. With card processing terminals you’ll hold less cash and deter criminals from targeting
you.

It saves time

Cashing up and taking stock of the day’s profits is time consuming and laborious. Using card processing means that you can do all of this easily and effectively using digital records. You’ll also be able to check on the state of your accounts easily and quickly from the comfort of your own home and will be able to stop your regular trips to the bank too.

It’ll make you money

The most important reason to have card processing capabilities is that it will make you more money. If you don’t have this capability then you rely on people carrying enough cash, which is commonly not the case. It’s also a well-known fact that people tend to spend more when they’re paying by card. You may be losing revenue or even clients because you do not take card payments.

Customers prefer to use cards

Customers also prefer to pay by card because it offers ease of payment and security. Customers will be less comfortable handing over loads of cash, so you need to cater to their needs and make your payment systems as accessible as possible for them.

You’ll gain useful information

When you receive cash you do not learn anything about the customer, but this is not the case with card payments. When you receive a card payment you will capture insights about the customer and this can help to improve your marketing and product development.

Accepting card payments will help you to build a better business which is more helpful to customers and more profitable too.

Sources:

https://due.com/blog/8-reasons-business-shouldnt-cash/ 
 
https://insights.moneris.com/h/i/124441973-6-reasons-why-your-business-shouldnt-be-cash-only

https://www.consumerreports.org/shopping-retail/how-you-pay-can-affect-how-much-you-spend/

 

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