throughout the last the last ten years in particular the retail market has witnessed numerous number of changes including movements towards the credit and debit and credit card industry for accepting payment. This is something every SME (small and medium enterprise) should bring to their business attention.
If youâre not accepting credit / debit and credit cards in your business then now is certainly the time to change that. With independent card payment processors competing for your business it important to acquire a get a contract that will suit the requirements needs of your business; a contract that can actually help your business make more money.
Why card payments, whatâs wrong with cash?
There is nothing wrong with accepting cash payments at all, it is more that retail trends are changing to reflect the belief that fact that a lot more and more consumers are buying their services and goods and services with their credit or debit or credit card.
Cash hasnât lost its importance entirely; there’ll always will always be a place for it. The requirement for cash however is not what it once was with the added worries of carrying cash and storing cash in the place of business.
Consumers are using less cash as people are not no longer paid cash in hand; in fact nine tenths of people are now paid by directly into their bank account. If your wage is paid directly into your bank account and you’ve got a have an atm card debit card you have access to can access your funds straight away and never having to having to venture to visit a to a bank.
Just what much more do we use our debit cards?
The Payments Council is liable for responsible for analysing how individuals are paid and then how money is spent; they are an essential tool for the modern business. According to their last report the quantity of number of people using debit cards has risen fourfold over the past the last ten years, and this is four times as fast as overall spending!
Consumers will continue to use debit cards a growing number of and more for the following reasons:
â¢ Itâs safer than carrying cash.
â¢ The risk of fraud is now at a record all time minimum with Chip and PIN technology.
â¢ They are afforded the luxury of having all their money with them all the time, so an impulse buy is more available to them.
â¢ The majority of businesses now accept debit cards.
What about cheques?
Cheques are rarely used on the high street and guarantee cards are now no longer accepted. The only alternative to paying with cash is using a credit or debit or credit card. The debit card works in the same way as a cheque as the money is transferred directly from the bank. Cheques simply canât maintain up with our fast paced environment any longer.
Over the last ten years spending has doubled due to greater wealth, and with this wealth there has arrived a clear evolution in the way we pay for our goods / services and services and exactly how the way we are paid. This is primarily as a result of to the advancements in payment technology allowing us to spend our money more safely, more easily and without restriction. Taking this into account It’s easy is easy to see how SMEs with the capability to accept card payments would be the be the ones with potential to make greater profits in the future. SMEs that choose a payment processor with the best customer service and merchant fees will do better still.