Are you considering going cashless as a business? Here’s what you need to know

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The reality is that the UK is becoming cashless more quickly than other countries across the world. As a small business, it is most definitely in your best interests to keep up with current trends, as more than half of all purchases are now made by card instead of cash.

Surprisingly, millions of small businesses still do not accept any form of card payment. As a result, they are missing out on custom from people who choose not to carry cash anymore.

Around a quarter of shoppers have admitted to walking out of a shop without buying anything because they only accept cash, and around 20% would actively avoid a shop if they knew they only accepted cash.

Your business could be missing out on the opportunity to up sell any potential customers – if someone has a limited amount of cash on them, they are unable to spend more in your shop even if they would like to!

The benefits of going cashless

The majority of consumers prefer cards because they are a quicker and more convenient way of paying. British consumers rely on card payments and with the introduction of the new contactless limit there’s very little chance of us going back to cash. So, it is up to small businesses to upgrade to the latest in payment technology.

As a small business, it may seem daunting to become cashless, especially if you currently only accept cash. Even if you start by offering both cash and card before you make the transition, you will reap the advantages of giving your customers the option to choose. The speed on transactions increases, and you no longer need to cash up at the end of the day or deposit your takings at the bank. Not only will your potential for upsell increase but your admin tasks get easier. Card payments also offer a sense of security around your money because you will be holding less cash on the premises.

Read how Card Saver transformed local business Poolfoot Farm into a completely cashless complex here.

What to consider

One of the biggest fears surrounding upgrading to card machine payments is the cost of the fees that are associated with card transactions. Some businesses choose to build these fees into the cost of products or shop around for a system that is compatible with the size of the business and charges lower fees that won’t make a dent in your takings. You should also bear in mind that offering a cash solution is likely to increase your custom and your customers average spend, improving profit overall.

The good news is that going cashless or offering a cash free alternative is now easier for small businesses due to the range of payment options offered to them such as card machines, apps and over the phone payments to suit any and all businesses. Get a free quote from us today by clicking here.

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Referral Terms and Conditions

1. Our refer a friend offer is available to existing Card Saver customers who provide a successful referral to Card Saver of a new customer incorporated in the United Kingdom or Republic of Ireland who take services consisting of Card Saver acquiring, Card Saver terminals or Card Saver gateway (the “qualifying services”) and subject to the criteria, exclusions and limitations below. Each successful referral in accordance with these terms shall be entitled to £100 or £150 if referral is submitted before Valentine’s Day 2020 (14th February 2020).

2. This offer is only available until for an unlimited time however this can be amended or withdrawn at Card Saver’s discretion.  

3. The referrer must not be an employee or owner of the business being referred.  

4. The referred customer must be an entity that has never had a facility with Card Saver. 

5. Card Saver’s standard account opening procedures will apply and your friend will need to be accepted as a new customer of Card Saver (which shall be at Card Saver’s sole discretion). Terms and conditions apply to all Card Saver services.  

6. A successful referral is defined as a business live with Card Saver using the qualifying services and where direct debit payment authorities are in place for both the existing and referral customer.  

7. If you pass the contact details of the referral to Card Saver, you are confirming that you have the referral customer’s permission to do so. You consent to us using your name and contact details to verify you as the referrer of your friend and in any communications we may have with your friend and to pass these details to any third parties. 

8. Provided that the terms are complied with, Card Saver will contact you directly by email for the £150 payment to be sent to you.  We will endeavour to send this within 30 days of us being satisfied that the criteria herein for a successful referral have been met.  The £150 will be sent to the email address provided in your application form but will only be issued in the name of your business and not to an individual employed by your business. 

9. This referral offer cannot be combined with any other promotional offer. 

10. The issue of the money is conditional of the referral merchant retaining Card Saver services at the time of issue. If Card Saver is required to terminate services or does not accept the referral merchant’s application, no money will be issued. 

11. Card Saver reserves the right to amend, suspend or withdraw the ‘Referral Road Scheme’ at any time for any reason. The offer is non-transferable and may be revoked at any time for any reason. The rules to the ‘Referral Road Scheme’ may be changed without notice and at the sole discretion of Card Saver. 

12. Card Saver reserves the right to refuse a claim of the £150 if it has reasonable grounds to believe that there has been a breach of these terms and conditions, a misuse of our intellectual property rights including Card Saver trademarks and/or materials, any misrepresentation; abuse of the Referral Road promotion; or any illegal or criminal activity including fraud in connection with this offer.  

13. These terms shall be governed by and interpreted within the laws of England and Wales.

 

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