Cash is a faff. It’s a faff for the people who have to spend it and it’s a faff for the stores who have to take it. According to Lloyds Bank’s current rates, a business with a turnover of up to £3 million has to pay a fee of £6.50 for their bank account and then a further £1 per £100 for the first £1,500 cash it wants to bank or withdraw and 80p per £100 thereafter, per month.
Then there are the costs inherent in cash loss (nefarious or just carelessness), staff training and storage, it all adds up. Cash is costly. Lloyds charge for electronic payments in the same business account, but they’re free.
The customer recognises the convenience of ditching cash too. No more hunting down the back of the sofa to get the right change for the bus – just tap and go. Standing in a muddy field, miles from nowhere surrounded by bands and street food vans and no ATM in sight? No problem. There are loads of mobile card payment technologies that let even the smallest festival retailer take contactless and PIN transactions.
No matter what type of business you run, accepting credit card payments is strongly recommended. It’s no secret that most businesses accept card payments. In fact, customers expect you to accept their debit and credit cards. This is why 83% of businesses that accept credit card payments see increased sales.
Being equipt to accept credit card payments is a must if you want to increase sales and outshine competitors. Even if you have the best products that provide tons of value, people won’t buy if it’s too difficult for them to do so.
Consider choosing an affordable payment processing solution that meets the needs of your business and has reasonable fees. That way, your profit will definitely outweigh any of the costs.
Get a free, no-obligation quote here and start offering contactless payments to your customers!