Any modern business owner knows that if you run a business which regularly takes payments from services or products and you do not yet accept card payments you are going to struggle to stay afloat. You will find that all customers now expect to be able to pay by card and if anything its very rare that they will carry cash on them. If you are unable to provide them with the means of accepting card payments it is likely you are going to lose them as customers. Having a Chip & Pin machine is the way forward in business and it comes with a wide range of benefits for businesses of any size.
Firstly, as previously mentioned, it is very rare that people carry cash on them now because of how widely used card payments are. If you have to turn a customer away because you do not accept their method of payment it is unlikely they will come back if you are the only business they are having to withdraw cash for. Whilst you may feel that you don‚Äôt necessarily need their business, in the long term you will start to feel the pinch as you miss out on a whole range of customers to your competitors.
Another issue you may find is that whilst some customers may be happy to spend physical currency in your store, if they only have a set amount of cash they might be put off from coming in. If they do however come in for something specific and see another product they would like to purchase but cannot due to lack of money your business will ultimately lose out. However with a card people forget how much they are spending and just fall into impulse buying.
Card fraud is a problem that has been around for years and understandably many business owners may be worried that they might get caught up in this by taking card payment. Luckily with the new chip and pin machines that are around this is very unlikely to happen. Banks are constantly working to make sure that these situations do not occur but if you still have concerns you can provide your staff with basic fraud prevention training.
Having large amounts of cash on your premises can be extremely dangerous not only for the financial state of your business but also it puts staff in danger. Keeping the money on site until you visit the bank is a massive security risk and the more people are aware that you don‚Äôt take card payments, the more of a target you become. If you accept card payments you never have to worry about this as all money is transferred directly into your businesses bank account.
If you don‚Äôt yet accept cards as a payment method within your business you may want to start reconsidering as we move into an increasingly digital age.