Why accept payment cards?
More and more customers now expect to pay for their purchases using a card when they are shopping; or to pay for goods and services when they are online.
Think about your own experience and apply it to your business. When you go to the shops do you pay by cash, use a cheque or get out a card?
To help decide whether to take cards or not, here are some reasons why accepting cards could improve business:
- Customers increasingly expect to be able to pay by card.
- Payment at the time of the sale - no more “the cheque is in the post” - and the money is in the merchant’s bank account, typically, within four working days.
- Potential cost savings from holding less cash - saving on the security required to look after this money and trips to the bank to pay-in takings.
- Improved cash flow with less support on financing such as using an overdraft or loan.
- Easier to make a sale, if customers do not have enough cash on them at the time, they could use a card instead.
- It is usually quicker to accept card payments than a cheque.
- In most cases, where a customer uses a chip & PIN card in a shop, this will be a guaranteed payment for the merchant as the customer cannot claim they did not initiate the transaction.
- When businesses take card payments they know exactly how much the transaction will cost to process, and this can help when putting together a business plan.
Acquirers are always there to help the merchant when accepting a card payment. They can provide a range of card payment solutions that can be matched to a business’s growth aspirations.