More and more businesses are realising the potential of adopting card payments as well as cash transactions. With debit and credit cards being used as a consumer’s preferred payment method these days, it’s no wonder that the credit card industry is booming and contactless payments are taking off as much as they are.
However, as a small business, you may be concerned about the cost of having card payments, rather than the additional profit you’ll receive overall. These fears often lead to cash-only payment transactions for many small businesses, until they can accept card payments.
But when taking a look at the overall statistics of card payments, your business is more likely to succeed in the long term than fail.
Roughly, small businesses and SMEs who do not accept card payments are losing out on £8.8bn profit. £52.6 billion is spent by consumers using card payments in the UK with 70% of consumers prefer card to cash. Meanwhile, 32% of UK adults would not purchase from a store that did not accept card payments.
With these alarming statistics from the general UK public, it seems likely that a small business would struggle in it’s first year by not allowing card payments, unless the product was unique enough to suggest otherwise.
Long term numbers and statistics are more reliable than short-term figures and your fears. Starting a new business comes with all kinds of risks, but being prepared is the most important factor when implementing new systems. Embrace the digital age and now!
Here at CheaperPay we understand the importance of reducing the costs for your new business. This is why we’re offering 3 months FREE when you sign up with us! Contact us for more information.