Should you become a cashless business?

About two billion payments made to UK businesses are now done using a debit or credit card, according to the latest stats.

And contactless payments make up about half of those.

While this isn’t a new trend, it’s increased rapidly in the last two years.

COVID-19 caused a huge switch from cash to cards and digital payments.

Governments and health organisations were among those urging customers to leave cash behind in an effort to stop the spread of germs.

And businesses followed suit.

About 10% of businesses went so far as to refuse to accept cash.

But contactless payments aren’t just for a crisis.

With digital payments and e-wallets now among the most popular ways to pay, the case for businesses to embrace card machines has never been more compelling.

People are opting for cashless payments and many small businesses are catering for this. Here’s why.

Why your business should have a card machine

1 – It’s more hygienic

COVID-19 has had long lasting effects on our behaviours when we’re out and about.

One thing people are more conscious about is levels of hygiene in public places.

Cashless payments are a way to combat transferring germs from A to B.

If you pay with cash you’ll get change that other people have touched that has been in a till with other notes and coins.

Along with convenience, hygiene is one of the reasons the amount of card payments has increased by about 20% since 2019, showing people are starting to favour it over cash.

The card, the card machine and people’s hands can easily be sanitised before and after use to reduce cross contamination.

Contactless and digital payments are even more hygienic as there doesn’t have to be any direct contact between either the card or smartphone and the card machine.

2 – It’s quicker to pay by card and contactless

Card machines make life a bit easier for businesses.

You can get through large queues quickly, even during busy periods.

Especially with contactless, card payments give you more time to put into your business instead of worrying about getting around large groups of people.

3 – Cards are more convenient than cash

Card payments are much more convenient for businesses.

They’re quick and easy and you don’t have to worry about having enough change in the till for customers.

With it being a lot quicker, there doesn’t have to be as many staff managing the payments so you can spend more time creating a positive atmosphere.

It’s more convenient for customers too because they’re not worrying about how much cash they’ve got on them when choosing what to buy.

Without this limitation they’re actually likely to spend more with you.

4 – It’s safer for your business

Although fraudulent bank notes make up less than 1% of notes in the UK, they’re a huge problem.

And if you do accept a fraudulent note, there’s no way of getting compensation or getting the money back.

Card payments protect you from this because payments will only be authorised by the customer’s bank if they have the funds available.

If there’s ever a problem, you have a transparent audit trail of all the payments you’ve taken.

They’re safer for customers too.

Secure NFC signals between the card and card machine means they need to have close or direct contact before the transaction takes place.

During the process, all information is encrypted.

This makes card payments safer than using cash for both the customer and the business.

Should you consider having card payments available in your business?

If you’re a business that doesn’t currently accept card, you could be closing yourself off from potential customers that don’t like to pay with cash.

A good option is a contactless card machine from Handepay as they offer customers more ways to pay from cards to smartphones and watches.

They’re not just more convenient for the customer, they’re also much better for businesses who want to serve people quicker and reduce queue times.

With people still being nervous about COVID, it’s best to have these options available to cater for as large an audience as possible.