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Businesses Lose Out by Not Accepting Card Payments

cash only businesses are losing out

A recent article from the Telegraph’s Business segment has revealed some worrying numbers for small business owners across the UK. As many as 44% of SMEs across the nation believe they are not losing out on any revenue by not accepting card payments. Let’s just think about what this number stands for. This means more than 2 out of every 5 small business owners are convinced adding the flexibility of accepting customer card payments does not help improve their business.

In the same time the study, conducted by Square, 3 out of every 5 shoppers say they would spend more money in their areas if more establishments accepted credit- and debit card payments. 1 in 4 shoppers say they they’ve even decided to walk away from a product for the sole reason of not being able to pay by card.

Compare these numbers to the Barclays study conducted early in 2016, which said 1 in 6 customers walked away when not being able to pay by card. That’s a jump from about 17% to 25% of customers choosing not to buy if you don’t accept cards, in a mere 1.5 years. The UK Cards Association also shows that volume of card payments will only keep increasing.

What These Numbers Mean

As a small business owner, we at SmartTrade App respect the traditional view of avoiding having to deal with complex card payment providers, paying high card fees and having to deal with accounting for several different payment types.

However, this is no longer the case. Between Square, The UK Cards Association and Barclays, their studies have all shown that we are heading in one direction; an increased popularity of paying by card. We will be spending a larger proportion of our money using our plastic cards, and as more businesses realise this and add to their ways of accepting payments, consumers will be less patient to the businesses who have yet to convert to accepting debit- and credit cards.

Conclusion

Business need to accept debit- and credit card payments from customers. This is not to say you can’t encourage anyone to pay by bank transfers or cash, but having the added flexibility does you nothing but good. From the get-go there is a consumer pool of 25% who walk away if cards are not accepted, which you can swoop up locally.

SmartTrade App makes this experience as easy and seamless as possible by allowing you to take payments using only your smartphone. You just need 10 minutes to register and you’re all set to go take customer payments. Nothing to lose, everything to gain!

Start accept card payments right now by downloading SmartTrade App:

Or click here to sign up for a free trial in your browser!

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