For a long time, being a cash-only business was the norm. Everyone from local traders to high street shops accepted cash and cheques. However, now credit and debit cards are becoming the first choice of payment – both for retailers and customers.
Now, even the smallest companies and one-man bands, from plumbers to pop-up shops, are embracing card payments, especially thanks to technology like Intuit Pay, which makes it easy to take card payments on the go.
Some businesses are still nervous about accepting card payments because of concerns about costs, practicalities and the technology itself. However, many of these concerns are unfounded, as this handy infographic explains, and with customers increasingly wanting flexible payment options, businesses won’t want to be left behind because of rigidly sticking to cash-only methods.
Here are a few of the risks of staying cash-only:
Reduced payment options, lost sales
With cheques becoming a rarity nowadays, people often rely on having the option of using a credit or debit card to pay for things. Being cash-only reduces the options you can offer a client or customer, and may result in a sale not being made.
It can also result in smaller sales – customers are limited by the amount of cash they are currently holding, but debit and credit cards significantly increase that limit.
Dealing with cash-only means you’ll have to schedule in regular trips to the bank to check in your money. With a mobile payments system, card payments will be quickly deposited into your account automatically, saving you a lot of time and hassle.
You’ll also need to make extra sure all incoming and outgoing cash is noted, so you’re prepared for filing your tax return. In addition, if you only deal with cash, you’ll have to do lots of faffing around to make sure you always have plenty of change for customers that need it.
Negative customer perceptions
Businesses can often be perceived as more professional and trustworthy if they offer a wider variety of modern payment methods. You don’t want to look old-fashioned compared to your competitors.
Dealing with cash may make you a target
Carrying a lot of cash can make you a target for crime, such as robberies and muggings. Credit card and debit card payments can greatly reduce this risk, as the payment has already been dealt with.
Investors may frown upon cash-only
This one may be surprising but some investors might be put off a business that only deals with cash, either seeing it as outdated or something of a risk.
Taking card payments needn’t be difficult. Intuit Pay can be used from your mobile, tablet or laptop/computer, and enables you to take secure payments from debit and credit cards. Payments can be taken in-person or over the phone.
Have you tried a mobile payments system like Intuit Pay? What benefits has being able to take cards brought you? Do you have any concerns about taking card payments? Please feel free to ask any questions.