- Even just a few years ago, writing about the demise of cash would have seemed unthinkable. And yet, here we are: slowly but surely, our use of cash is declining.
- Cash transactions are down. The value of each cash transaction is down. ATM use is also down – to the point where some are being removed from High Streets due to a lack of demand.
- In place of cash, people are choosing credit and debit cards for their purchases – even small ones like a single banana or a coffee.
- In fact, during the last quarter of 2017, UK Finance, the finance and banking industry trade body, reported that card sales outstripped cash – a year ahead of their original prediction.*
- They also predict that by 2027, just 16% of purchases will involve cash (this figure, too, has been revised down in the past year). Meanwhile, debit card sales are set to increase by 49%. Credit card sales (which saw a 13% increase in 2017) are also forecast to grow.
With data this clear, you needn’t be a rocket scientist to see how your business will benefit from using a credit card machine.
Business growth is on the cards
People have been using credit and debit cards for a while – but it was the introduction of contactless technology in 2007 that really changed things.
Initially, consumers were unsure about it. But as new cards were issued with contactless included as standard, its use began to grow. After the transaction value raised to £30, contactless exploded.
In 2017 alone, contactless payments increased by 97%. In 2015, 1 in 10 purchases were made using contactless. Today, contactless is used in a third of all purchases*.
Customers and businesses both like the speed and convenience of contactless payments. After all, tapping a card reader is a great queue-buster and far easier than counting piles of loose change.
One machine. Many ways to pay.
Of course, contactless is just one way to use a credit card machine to take payments. The beauty of a card machine is that it gives you multiple ways to accept payment – and for some of them, a customer needn’t even be on your premises. Let’s look at the payment options open to you with just one card machine.
Tap’n’go. The easiest, fastest and most convenient payment method.
For sums above £30, Chip & PIN is still a faster way to accept payment than cash.
Also known as a Virtual Terminal, this allows you to take card payments over the phone from customers who don’t have time to pop in, or who may not be local.
Take payments from your website with our payment gateway which allows your business to stay open 24/7, 365.
Quickly create a discreet, secure payment method for customers.
That’s five ways to take payment from just one card machine. Impressive, no? But that ’s not all a card machine can do for your business. Let’s see what other benefits you’ll enjoy.
Less cash to handle. More security to enjoy.
- Card machines offer you and your customers many security advantages over cash.
- With Chip & PIN technology, you’re guaranteed to receive payment without any disputes. Every card transaction is heavily encrypted. And some card issuers use additional 3D Security – an industry standard security check that asks a card owner to confirm extra details, to reduce fraud and income write-offs.
- Also, by reducing the amount of cash you keep on-site, you reduce instances of theft and fraud. And offering card payments reassures customers as they feel safer carrying cards than cash.
- Improved security. Fast, secure transactions. And a way to pay that’s being embraced by more customers. Still not convinced? Well, that’s why we saved the best until last.
Customers spend more when they can pay by card
- This is one of the more surprising findings from research into card use. It appears again and again: consumers spend more when they know they can pay by card.
- Surprised? Take a deeper look. It’s been claimed that parting with cash is ‘psychologically painful’** to customers. Because Contactless and Chip & PIN are swift, not to mention abstract, customers are minded to spend more.
- This is backed by other research. When people don’t need to worry about having enough money in their pockets, impulse buying increases. Of the 34.6 billion card transactions made in 2017, a staggering 29.5 billion were spontaneous.
Adding a card machine adds even more benefits
- At Paymentsense, we’re trusted to handle transactions for over 70,000 small UK businesses, processing over £00,000,000 for them each day.
- We offer great support, low fees, the latest card machines, and a range of bolt-on services to make light work of your work. All our card machines are ready to use straight from the box, and we can have one in your hands in 72 hours. (We can have you accepting online and phone-based payments within 24 hours.)
- If you’d like a free, personalised online quote, please click here. It won’t take more than a few moments, yet it could be one of the most beneficial things you ever do for your business.