Small businesses play a vital role in the UK economy, and as a small business owner, you know that every decision you make has the potential to impact your success. One such decision is whether or not to accept card payments. While it may seem like a hassle to set up a card machine or online payment system, the benefits far outweigh the initial costs and effort.
According to recent statistics, cash usage in the UK has been declining at a rapid rate. In fact, in 2019, the amount of cash in circulation fell by 13% compared to the previous year, and it’s estimated that cash will account for just 21% of all payments by 2028. This shift towards non-cash payment methods presents a significant opportunity for small businesses. By not accepting card machine payments, you may be turning away potential customers who don’t carry cash or who prefer the convenience of using their cards.
In addition, accepting card payments can help improve your cash flow. Instead of waiting for customers to pay with cash or checks, which can take days or weeks to clear, you can receive payment immediately through card transactions. This can be especially helpful if you have a large number of small transactions or if you offer services that require immediate payment, such as consulting or personal training. According to a survey by the UK Cards Association, small businesses that accept card payments reported an average increase in sales of 23%.
Another benefit of accepting card payments is that it can improve the security of your transactions. Card payments are less prone to fraud than cash, and most card payment systems offer some level of protection for both the business and the consumer. In fact, the UK Cards Association reports that card fraud losses have fallen by 74% since 2004. This can give both you and your customers peace of mind and help prevent disputes or chargebacks.
Finally, accepting card payments can help your business appear more professional and up-to-date. According to a survey by Worldpay, 87% of small business owners in the UK believe that accepting card payments is important for their business’s reputation. Many consumers expect businesses, especially online ones, to offer card payment options, and not having them may make your business seem outdated or untrustworthy.
In conclusion, the facts and figures clearly demonstrate that small UK businesses should consider accepting card payments. From increasing your customer base and improving cash flow to enhancing security and professionalism, the benefits far outweigh the initial effort and cost. As cash usage continues to decline and non-cash payment methods become more prevalent, small businesses that don’t accept card payments risk missing out on potential customers and sales. Don’t let your business fall behind – start accepting card payments today and enjoy all the benefits it has to offer.