More and more consumers nowadays expect to pay for their purchases with their card in store or online, the ease of contactless and the decline of cash payments in recent years has led the UK to rapidly become a nation of card-only shoppers.
The use of notes and coins is set to fall to just 21% of sales by 2026, so it’s important that your business is ready to meet shoppers’ expectations.
Not only are there benefits for your customers, but accepting card payments will benefit your business too:
- Cash flow
Your cash flow will improve, allowing you to reinvest in other areas of your business.
- Increase sales
Has a customer ever come to pay at your till, realised they have no cash and had no choice but to abandon their purchase? You can’t expect a customer to go to the cash point in order to make their purchase and run the risk of them not returning.
- Save time
By accepting card payments, especially contactless, customers can speed through the checkout, leaving you to serve more customers in less time. Accepting card payments is also much faster than accepting cash since there is no need to count out change or wait for a cheque to clear.
- Less room for financial error
Reduced cash handling expenses means improved operations for your business. It will also decrease the potential for mismanagement and bank fees/costs related to handling and transporting cash.
- Guaranteed payment
When a customer pays by card, you’re guaranteed to receive payment without any disputes. Should a customer have insufficient funds your card terminal will notify you and not accept the payment, this also means there is less chance of accidentally accepting counterfeit notes.
- Same Day Settlement
Typically, most card payment providers will deposit funds into your account up to 5 days after you have accepted the payment. At RMS you can benefit from Same Day Settlement or Next Day Settlement. No more waiting 3-5 days for your money to clear.