As cash has become less popular in point-of-sale (POS) transactions, fewer merchants choose to operate on a cash-only basis. Although cash is immediate, it is not without its drawbacks, namely storage, security and the need to go to the bank to pay in money.
Even with processing fees, card transactions are more efficient and flexible compared to cash. They offer merchants (both online and bricks-and-mortar) benefits such as:
- Increased sales. Customers expect to be able to pay with a card. It’s not just the convenience, consumers get ‘perks’ from using their card e.g. cash back and discounts.
- Keeping level with the competition. Your competitors are almost certainly accepting cards. If you’re the odd man out, then you’re losing sales because you don’t offer one of the most common and convenient payment options.
- More impulse buys are made with card. A ‘simple swipe and process is done’. It’s almost instantaneous. In the time it takes to walk to a cash machine, a customer has re-connected with the rational side of their brain and that sale is lost!
- Improved cash flow. Card payment is quicker than waiting to cheques to clear.The money arrives in your bank within a day or two, no matter how far away the buyer lives.
- No more bouncing cheques. And tracking the customer down. With card purchases you get paid no matter what.
Nigel Harte is a NetPay resale partner providing merchant card payment and e-commerce services, at competitive rates to businesses in the Home Counties. Call today on 01252 597320 or 07770 904184.