Online shopping is thriving in today’s world, which means high street retailers need to evaluate the payment methods they accept and invest in developing payment strategies that improve efficiency for both the merchant and the consumer in order to compete. Implementing digital payment strategies now will allow UK retailers to be in a stronger position to compete in the digital economy of the future.
Accepting card payments through a terminal could be hugely useful for the retail sector for different reasons:
Efficiency
Consumers do not have to spend time finding the exact change or wait for the cashier to give them their change, so cashless checkouts can help to speed up the paying process which can minimise queues.
Save money
Handling cash costs UK retailers £17.8bn annually when security, fraud and theft are factored in.
Minimise errors
Of the 1,100 retailers surveyed, more than half said that cash is the most error-prone payment method. Contactless and card payments are securely encrypted which eliminates the circulation of counterfeit money.
Attract new customers
People expect to be able to pay by card when making a purchase, so by having a card system already in place you are already ahead of your competitors and could attract new customers who don’t carry cash.
By advertising that you accept a range of different card payments (Visa, Mastercard, Maestro and American Express), it can help to legitimise your business. Using well-known trusted brands means your new customers are more likely to trust you and come back in the future.
Impulse buying
Customers can complete transactions quickly and easily without needing to leave to get cash out, meaning they have less time to think about the purchase they are making. Studies have shown customers often pay more when they pay with credit cards.
