5 Ways a Card Machine Improves Your Business

Nearly £75bn was spent on debit and credit cards by UK consumers in May this year (the latest available figures)

That’s 9% higher than in the same period in 2021.

Of those transactions, contactless payments made up around 60% of all credit card and 74% of all debit card transactions.

It’s almost non-negotiable for a business, regardless of size, not to have a card machine today. Card payments far outweigh cash, and contactless payments are almost as popular.

Consumers now expect a business to offer card payments.

But it’s not just convenient and better for consumers, and there are many benefits as a business to having a card machine.

In this article, contactless card machine provider Handepay provides 5 of the biggest benefits you can experience by investing in a card machine.

1. Benefit from higher transaction values

The increase of the contactless payment limit to £100 in October 2021 means that card payments are no longer for small transactions.

Accepting card payments can encourage customers to spend more with you because they don’t feel limited by the cash they have in their pockets.

Research actually supports this as customers who pay by card regularly outspend customers who still use cash.

2. Bring in more customers

The vast majority of consumers now prefer to pay for items using a card or digital wallet like Apple Pay or Google Pay.

Many customers don’t even carry cash anymore.

This means if you’re not accepting the card or digital payments, you’re automatically cutting yourself off from a large customer base.

Accepting card and digital payments, on the other hand, opens your door to a much broader customer base and puts you at least on par with the competition.

If you accept card payments, you should make it extremely clear that you do.

This way, customers know they can use their cards or digital wallets in your shop (if there’s any uncertainty, they might go somewhere else rather than come in and ask).

3. Improve your customer service

When customers are trying to pay, there’s nothing worse than being forced to stand in large queues.

This isn’t great for you as a business owner either, as you’re bound to be left with customers walking out annoyed at your poor customer service or abandoning their purchase altogether.

But this is a common problem when customers are paying with cash.

Customers have to count the cash, and then your employees have to check the amount, register it and count the change back.

This can all take a long time, especially when it’s happening again and again.

With a contactless machine, the customer simply has to tap their card and the transaction is approved immediately.

Occasionally the customer might have to enter their PIN, but even that is quicker than dealing with cash.

4. Cut out your admin

At the end of a business day, you want to tidy up, restock and get home.

What you don’t want is to spend hours counting the cash in your till matching it to the final receipt – and potentially spending more time recounting if it doesn’t match.

With card payments, you get an automatic audit trail of every transaction that is available when you need it.

This means you can drastically reduce your admin at the end of the day and enjoy your time away from the business.

5. Make transactions more secure

Despite what you might think, card payments are incredibly secure – and can be more secure than cash.

That’s because it’s easy – during a busy period – to accept a counterfeit note or fall for a scam.

If you do fall for a scam or accept a fake note, there’s no way to get the money back, you’ve just lost out.

On the other hand, with a card machine, transactions only go through when the customer has the funds.

Card payments are also encrypted, so it’s safe for the customer and you as the business. If there’s ever a discrepancy, you won’t lose the money as a business.

Accept card payments and improve as a business

There are many benefits to accepting card payments as a business, and the ones we’ve mentioned in this article are just the main ones.

You also need to consider where you go for your card machine and be sure you’re getting the right deal for your business.

Ultimately, having a card machine has gone from being an add-on to your service to a central part of your business that will help you take more payments and make more money.

Failing to take card payments simply puts you behind the competition and could put your business’s long-term success at risk.

Dragan Sutevski

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan