New information has shown that independent business owners who don’t take card payments lose out on over £23,000 profit each year.
The research, carried out by Expert Market, studied what businesses stand to lose by only accepting cash payments. It discovered that a quarter of UK consumers actively choose to avoid businesses who don’t take card payments.
Two thirds of 24-34 year olds prefer to use their card to make a purchase, with some choosing not to carry any cash at all. Cash-only businesses could be turning away a large percentage of their possible customer base before they even step through the door!
In 2016, the UK Cards Association found that 78% of all UK retail spending was made on debit and credit cards. Nearly 25 million card payments were made every day in the UK in 2015, with figures predicting that shops will see an increase to 57.2 million each day.
Contactless payments are also on the increase around the UK, with places such as Swansea and Blackburn seeing adoption increases of over 170%. The most popular business sectors remain fast-moving businesses with average transaction values under £30.00, such as service stations and supermarkets.
Constant developments to contactless technology are being readily adopted by UK consumers. It is predicted that mobile payments will count for 65% of all transactions in just eight years’ time, meaning that making the decision to take card payments now is vital for Britain’s smaller companies.
How can my business benefit by starting to take card payments?
- More professional appearance
- Higher average transaction value
- Less abandoned sales
- Encourages impulse purchases
- Improved security
Can your business afford to miss out on £23,000 every year?
Handepay allow independent businesses to take card payments at simple, cost-effective prices. If you’re worried about introducing card payments to your business, our experienced staff can guide you through the process of starting to take card payments for the first time.
Get in touch with one of our friendly advisors today and boost your profits!