Recent research encourages small business owners to adopt new ways of working and convinces them to embrace contactless payments using card machines.Read more
4 October 2021
Research published in September 2021 by Visa, on the global impact of COVID-19 on small businesses owners, should encourage small business owners to adopt new ways of working and convince them to embrace contactless payments, not only to survive and prosper but to meet customers’ expectations.
Contactless has become the payment method of choice for many consumers in the UK, with contactless payments accounting for 51% of all credit cards and 66% of all debit card transactions in June 2021, a whopping 92.4% higher than June 2020. With 1,169 million contactless card transactions in June 2021, 73.8% more than the 673 million in June 2020, the scale of spending using contactless methods is a clear indicator that small businesses need to ensure they are set up to accept payments with a contactless card machine.
A report from UK Finance states that growth in using mobile phones and smartwatches to make payments lept to nearly a third (32%, 17.3 million) of the UK adult population registering to use mobile payments by the end of 2020.
Most small businesses are now able to accept card payments, but for those who have been reluctant to take on a merchant account, there are many good reasons to get set up to accept payments by card, here are three of the best.
Small business owners in every sector are being affected by the trend for consumers to pay using contactless methods, and with the contactless limit increasing to £100 on October 15th 2021, it is likely that the trend for contactless spending will continue.
The outlook for small businesses that accept contactless payments using card machines is positive, with customers expecting businesses to provide a means for them to pay with a quick tap, indoors or outdoors.
According to The UK Finance report*, cash is still relevant and whilst the number of cash payments in the UK fell by 35% in 2020 and was used for 17% of all transactions, it remains the second most frequently used payment method behind debit cards. Consumer choice will dictate the method they use to pay, and it is essential that when a customer chooses to spend with you, they have as many options as possible available.