Investing in card payment technology can help your business in more ways than you can imagine. From improving your brand identity to attracting a broader customer base, offering a comprehensive choice of payment solutions is one of the most effective ways to facilitate your company’s commercial growth for the future. So what can card payment technology and secure systems do for your business?
#1 – Raise your customers’ expenditure with card payments
From a business point of view, one of the best advantages of using chip and pin machines is that your customers are less likely to limit their expenditure. With cash payments, people are much more conscious of what they are spending and are often more conservative about what they are purchasing. However, when your customers pay by card, they may end up spending more than they had originally intended because their spending power won’t be limited by the amount of cash they have immediately available to them. Customers who are planning to pay by credit card may also ‘act on impulse’ for products that are on special offer because they won’t want to miss out on a good bargain. By increasing their buying power, you’re potentially increasing your revenue.
#2 – Enjoy a more stable business cash flow
With card payment technology, you can raise your cash flow and ensure a more consistent supply of funds to your bank account. With mobile technology, businesses can accept instant payments with their smart phones at any location, 24 hours a day. Mobile card readers store funds electronically, which can increase if a customer or client decides to purchase extra products or services. More importantly, providing your customers with a card payment option is essential for winning their business, whether it’s online or in person.
#3 – Improved security for peace of mind
“Infographic created by Clover Network”
According to a recent ICM survey of more than 2,000 UK consumers, more than half wanted their banks and mobile providers to provide guarantees for financial losses. The associate director of ICM Research, Jamie Belnikoff, believes more consumers are becoming increasingly concerned about mobile payment security and want to see an increase in contactless payments to improve their safety. In response to this, Intuit Pay celebrated the arrival of its secure mobile payments platform in 2012, which encrypts customer data and conforms to the rigorous standards set out by the Visa and MasterCard.
#4 – An affordable option for small and micro businesses
According to the government’s Department for Business Innovation & Skills, there are currently around 4.6 million micro businesses in operation across the UK. In a recent Intuit survey of 1,000 small UK businesses, almost half of them said they would use card payment technology with their smartphones if it was cost effective enough. Less than one fifth of UK micro businesses accept card payments, although with Intuit Pay’s cost-friendly, innovative new mobile payments service, this trend could soon change.
If you’re looking for economical, practical payment solutions that will help you attract more customers and improve your sales, investing in the latest credit card payment technology is the best way forward.