Right now, when the pandemic is raging around the globe, sparking fears and compelling people to maintain social distancing, a lot of small businesses have turned towards accepting credit and debit card payments. To make the entire process smooth and hassle-free we present here a guide that could help you get to grips with the basics, and help you successfully run your business.
Benefits of accepting card payments as a small business
Few important reasons why taking credit and debit card payments could be great for a small business are enumerated as following:
With more and more consumers preferring to pay through credit or debit cards, it’s important for your business to possess the ability to accept these modes of payment. Data reveals that more than 75% of all high street spending is done through credit and debit cards, and with the new contagion striking, this figure is only going to grow at a tremendous pace in coming years.
The use of cash on the high street has been steadily declining
New contactless technologies have made smaller purchases easier, which is the prime reason for their soaring popularity. With new technology making shopping easier and hassle-free, it’s projected that customers will turn toward cards in droves.
Faster payment cycle
The payment is made at the time of the sale, and the money is immediately transferred to your bank account. You are spared the hassle of taking the cheque to a bank and waiting for days for it to clear.
More saving for the business
Doing away with cash transactions saves you from a lot of hassles. There are no risks in card payments and you have an indelible record of all your transactions.
You’re more likely to make a sale.
A customer is unlikely to make a purchase if there is a ‘cash only’ option. In contrast, if you accept card payments, you are offering customers an attractive payment option and certainly more reasons to shop at your store.
It is time-saving
Accepting card payments is much faster and convenient than dealing in cash. The customer, as well as the business, is spared the trouble of tendering exact change. Also, the elimination of cheques saves a lot of time. With a card machine, your customer simply enters their PIN or taps the terminal with their Contactless card.
Payment is guaranteed
When a customer makes payment through a debit or credit card, you’re guaranteed to receive payment without any disputes.
It leads to an increase in sales
Card payments bring human psychology into play. Customers are likely to spend more money if they see that they are not handing out cash directly from their wallets.