Jun 30 2015
Businesses process payments have seen incredible change over the past couple of decades. In the UK, cashless payments have now overtaken the use of notes and coins. 52% of transactions made over the last year were made electronically and this number is expected to rise over the next ten years as the popularity of debit cards, contactless, and mobile payments continues to grow.
Credit and Debit Cards
Credit and debit have become to the preferred method of payment for most consumers now. Not only is it more convenient for your customers, though, recent statistics show that shoppers are more proven to indulge in so called “impulse buys” when using their card over cash. Fast-food giants McDonald’s also found that their average transaction rose from $4.50 to $7 when customers weren’t reliant on the amount of cash in their pocket. The easiest way for your small business to accept card payments is by investing in a PDQ terminal. Short for process data quickly, PDQ terminals are now available from suppliers such as Card Cutters in multiple forms, including low-cost, portable solutions. These machines can process up to 650 transactions on a single charge, and can easily be used for both mobile and stationary businesses.
Online Payment Methods
The number of online payments is increasing every year in the UK. For younger generations, this is becoming the de facto way to buy goods and, similarly, older generations are also becoming comfortable enough with technologies to also pay for items. PayPal is currently the world’s number one online payment system with over eight million accepting businesses. Because PayPal offers customers security that their transaction is protected against online scams, accepting payments through the online payment system is one of the first requests any new website will receive.
Near Field Communications
Finally, near field communications (NFC) is a new technology you can expect to see a lot more over the next few years. NFC allows smartphones and other similar devices to establish a radio communication with each other. Because this works throughy close-proximity, usually between 10cm or less, it’s also known as “tap and go” technology. Last year, Apple launched its own payment service, which is coming to the UK this summer that allows users to pay for goods through their iPhones and Apple Watches. Adopting the latest technology can get your company noticed. If you want your customers to be able to buy their goods via Apple Pay, you’ll need to invest in NFC-compatible payment terminals.
Payment processing is both a fast-moving and important section of any business. Making sure you can accept a customer’s preferred solution could be the difference between either a sale or the shopper looking elsewhere.