Does your business only accept cash? Do you have to turn customers away when they ask to pay by card? Investing in a card payment terminal might seem like the obvious answer but we know there are some cons to consider first. We’ve put together this helpful guide to help your small business decide whether or not to invest in a card payment terminal.
Non-essential shops are now allowed to open again meaning many local businesses can finally get back to serving their community. But whilst the fear of Covid-19 still lingers many shoppers are still reluctant to use cash as a result of the germs that could be transferred on notes and coins, for businesses who don’t yet accept card payments this could mean loss of customers. Even post-pandemic not having a card payment system will likely be a hindrance since more and more people are choosing to go cashless. This is arguably the biggest reason to invest in a card machine as it means you don’t have to limit the type of customers you are able to serve.
Whilst this might feel like a win-win since your customers will be happy and you’ll be able to accept more payments. Something to consider is the costs associated with having a card payment terminal. Charges vary dependant on the company you choose to set up an account with. However, these are usually small charges per transaction or month which ultimately won’t impact your business to the point where it is not worth having. If you’re not sure whether or not your customers would use a card terminal you can look for companies, such as Xepay, who don’t charge monthly fees – this means that you only have to pay for the service when your customers choose to use it. Find out more about the features of Xepay and how it would work for your business today.
Depending on the location of your business has the option to pay by card might give you a competitive advantage, meaning customers will have more reason to choose your business over others in the local area. For example, I recently visited a seaside town but wasn’t able to buy an Ice Cream from many of the vendors since they didn’t accept card, as soon as I found one that did I choose to stop there and make a purchase. Later in the afternoon, I went back to the same place again as it was convenient for me to pay on card and I didn’t need to hunt for another business that offered this service. If your business is located in an area that is particularly competitive you can use your card payment system to your advantage!
Aside from setup costs, you may need to invest time into training yourself and staff on how to use the new system effectively. Don’t worry if this feels overwhelming, the systems are much simpler to use than you might think, plus most providers will have a great support network you can use if you get stuck. Depending on how your business operates you might not have to train every member of the team, only those who actually need to take payments.
Implementing a card payment system within your facilities could also increase security and decrease the time spent cashing up at the end of the day. Less cash on the premises means if your business is broken into there is less physical cash available to be stolen. Plus at the end of the day, when you or a member of staff needs to cash up you will have less coins and notes to count since your payment terminal will be able to tell you the total amount of all transactions that day – ultimately this also means there is less opportunity for manual errors since the system can handle reports for you.
Overall, we believe that having a card payment terminal is a great option for most small businesses. There are some cons to consider but the pros will likely always outweigh these, especially as society moves towards a cashless world. In some businesses, card payments are now the only option and there have been no major drawbacks in profits for businesses who have made the decision to do this. If you would like more information about how card terminals work we are more than happy for you to take a look at our website or get in touch with us.