Whatever kind of business you are starting, it’s important to consider the payment options that you will be allowing your customers to use. Today, there are several different payments methods to consider from good old cash to more sophisticated contactless payments using a smartphone. Providing your customers with a wide range of different payment options is key to improving the customer experience and ensuring that you build a strong reputation with your patrons. Whether you’re running a retail store, a service-based business, or a restaurant, there are many reasons why debit and credit cards are the preferred payment option for many customers. Here are some of the main reasons why your customers expect to – and prefer to – pay by card.
First and foremost, paying by card is a convenient option for the majority of customers. Their debit card is linked to their bank account, making it easier to make impulse purchases if they don’t have the cash on them. Paying by card means that customers don’t have to think about finding an ATM to withdraw cash or worry about how much cash they have got on them when they are browsing the store.
Paying by card is the quickest and easiest option, particularly for customers who are using a contactless card, where they can pay with a single tap without the need to enter their PIN for any purchases under £45. And, paying by card isn’t just quicker for the customer who is making the transaction at the time; it also helps to speed up the process for any customers who are waiting in the queue behind them. Cash payments mean counting out cash and waiting for change, which can slow down the entire queue. Accepting card payments means keeping everybody happy.
It’s More Secure
Customers who pay by card tend to enjoy a greater degree of security when making payments compared to those who carry cash. Of course, there’s always the risk that a wallet or purse containing a debit card might be stolen, but the fact that a card needs a PIN to make payments, or can only be used for a limited amount of payments up to £45 if contactless, means that the risk of losing money is lower for the customer. In addition, customers can easily cancel their card if it is stolen and get a refund on any unauthorised purchases made, compared to cash, which when it’s gone, it’s gone.
It’s Physically Safer
In the time of COVID-19, customers are being asked to pay by a contactless card or smartphone wallet wherever possible, because it’s physically safer. The number of bacteria and germs on cash can be astronomical as it passes from person to person, so it’s no surprise that many people are avoiding carrying cash right now and opting for contactless payment options where there is a far reduced risk of picking up any viruses. If a PIN needs to be entered for a larger purchase, it’s still much easier to disinfect and clean card readers in between each use compared to cash.
It Builds Trust
Customers who are given the option to pay by credit or debit card tend to have more trust in the businesses that they use. As a business owner, you want customers to trust your brand and return again and again to make repeat purchases. Allowing customers to make payments by card shows that you are a modern, up-to-date company that cares about their convenience, safety and security and is more likely to encourage customers to come back compared to only accepting cash payments. You can get started accepting card payments with a card reader from UTP Merchant Services. UTP provides modern, contactless card readers-and more to any kind of business with quick processing time, so that along with added convenience for customers, it’s also more convenient for you. You can find out more at https://www.utpgroup.co.uk/.
There are More Options
Installing a card reader at your store and allowing customers to make card payments provides them with more options when it comes to how they pay. A modern card reader means that customers can pay with a wide variety of different cards such as Visa, Mastercard and American Express, making the experience more convenient for customers who might have various bank accounts. Customers can also choose whether they want to pay by entering their PIN or take advantage of a contactless option. And, customers with a modern smartphone can connect their card to Apple Pay or Google Pay so that they can easily make contactless payments even if they don’t have their debit or credit card on them.
Credit Can Be Used
Paying with cash only means that customers have to dip into their bank account funds, as most people will not withdraw cash from a credit card. However, giving customers the option to pay by card means that a credit card can be used if the customer wishes. This can be especially useful if you sell a lot of expensive items that customers might prefer to use a credit card for. It can also be helpful if a customer is looking to build their credit rating by making small purchases with a credit card, or if they are close to payday and running short on funds so using their credit card in the meantime – an option that’s simply not available if only cash is accepted.
It Reduces the Need to Convert Currency
Most modern card readers will accept cards from all over the world, which can make the experience far more convenient for customers from overseas. A customer visiting from another country will be able to make the payment from their regular debit or credit card, rather than having to go through the often-expensive process of converting cash currency before they can spend money when visiting the UK. If you are running a business in an area that tends to get a lot of tourism, accepting card payments is essential to ensure that any tourists can have a seamless, quick and hassle-free experience when they make a purchase.
It’s Beneficial for the Business, Too
It’s clear to see that being able to pay by card has several different benefits for customers, who can enjoy a more convenient, safer, secure and hassle-free experience with more payment options on offer. However, the benefits of accepting card payments don’t end there. Businesses that accept card payments can also benefit in a wide range of ways. Not only will you eliminate the need to constantly deposit cash at the bank, but you’ll also make your business more secure as it will be less of a target to anybody looking to steal cash stored on the premises. And, accepting credit and debit card payments can often encourage your customers to spend more money in-store since they won’t need to worry about staying within the limits of the amount of cash that they are carrying with them at the time. And alongside building a stronger, more trusting relationship with your customers, your card payment system can also be used to collect important data on customer trends and behaviour that you can put to use in future marketing campaigns.
Do you prefer paying by card when you shop? Let us know!