Many small businesses still head to trade stalls, pop-ups, and still don't accept card payments. Cash only can massively clip your ability to take payments, and many people will be put off buying now and in the future. Most of the population use cards for everything, and many have swapped to paying using mobile phones and even watches. That means that for those consumers, heading to a cashpoint to get physical money out will take longer than finding the goods online and buying elsewhere.
So why should you ensure that you have a mobile card reader at the ready?
More income
In an almost cashless society, no matter how much you want to hold on to the analog, taking card payments is a must. As in the above example, imagine if at your pop-up someone falls in love with your most expensive item but is in a rush. They’d want to pay quickly and be on their way. They pull out a card, but you only take cash - they will most likely put the item back and then head to their destination. Disappointing for you and them. When people can pay instantly, you will see an uptick in your income.
Record keeping
If you are in a stall and a few people buy a few items for cash, you go and get lunch and some coffee with the money. Then maybe you get some groceries on the way home - will you remember to get all of the receipts and carefully work out what you made? Record keeping is essential for good business, and using card payments will mean you have all of the transactions in a downloadable spreadsheet.
Improve security
Not every market and location will be safe, and when you don’t hold cash on your person or on the premises, you are less likely to get a break-in. After all, most often, people are trying to access cash. Not only that, but card payments protect you and the buyer. If there are disputes at a later date, everything is recorded, and it can be handled more effectively.
Guaranteed
While it is less common, there is still fake money in circulation. You are at risk - no matter how small - of getting fake money in the till. When you accept card payments, you won’t be at risk of fake coins and notes. You are guaranteed the money and its authenticity.
Speed
Card payments can be so fast and so hands-off for you, depending on your chosen solution. Even the (now) slow chip and pin process is faster than ringing up a till, taking cash, and counting change. The card machine processes payments in just seconds.
Business Information
Holding a mental tally of what you have sold is fine, but can you also hold a mental stock tally too? A complete point-of-sale system is an excellent option for small businesses to keep a firm grasp on everything from buyer trends to growth and inventory. If you are considering online selling, here are some top tips: 4 Shipping Options for E-Commerce Businesses.
Love,
TDP x