The majority of retail businesses today have card payment terminals installed, but what are the reasons for enabling card payments? There are many benefits that will come with installing card payments of your own for your small business. FSB take you through some of the reasons why you should take advantage of them.
Demonstrating security consciousness
Think about the added security that would come with card payments. Less cash held on site means less risk of loss or theft at any point between closing the sale and depositing the cash into a business bank account.
With card payments, the transactions are also immediately verifiable and secure, with no transport needed to get the money into your bank; you instantly confirm a sale and the transaction is done.
The ability to take a payment anywhere in the country through a card payment terminal is also another huge benefit; location will never impact your ability to ensure a secure and instant payment.
Bank providers and businesses are also obligated to conform to Payment Card Industry Data Security Standard – or ‘PCI DSS’ – compliance if they take card payments. This is a way for everyone involved in the process to be reassured that every reasonable provision is being made to guarantee the safety and security of transactions, finances, and cardholder data.
The Payment Card Industry is also set up independently by a respected group of card providers, rather than by banks themselves. Collectively, these steps mean that everyone wants transactions to be kept secure. Card providers and banks stand to lose more than just money in the event of a data breach; they stand to lose the trust and confidence of both the business who work with them, and the entire British public.
Ahead of the curve
Customers of today are beginning to expect some level of technological preparation from businesses. You need only to look at the huge advances in contactless payments as proof of that.
What was initially limited to a £20 maximum spend very quickly rose to £30 once it became apparent that demand from UK consumers was incredibly high, to the point where £2.5 billion was spent through contactless card payment in the first half of 2015 alone.
The UK Cards Association also found that the average supermarket spend was £25, meaning the opportunities for contactless payments had grown massively, and the simplicity of a smaller purchase through contactless payments means customers are likely to spend more than through conventional chip & PIN or cash.
The contactless payment industry is also growing further still to the point where mobile phones can be now used to authorise contactless card purchases thanks to the rise of NFC (Near field communication) technology and mobile wallets. It is reasonable, then, to conclude that consumers are carrying less cash in the assumption that the vast majority of the country is prepared to take their money through a card payment terminal.
With so much of the country ready to spend their money in ever-increasingly convenient ways, it’s a simple conclusion to reach that you should be prepared to take advantage of the payment avenues available to you as a business.