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.