In the era where almost everything can be found at a click of the finger, card payments now have become beyond just a nice-to-have choice. And this need is unlikely to be left behind. After Fifty years, the first ATM launch, payment ecosystem is barely recognizable. Card payments term a new kind of shopping experience, giving a new commerce era. With coins still sounding happily in their pockets, customers prefer credit cards over hard cash. So to gain profits it is very important for the merchants to be able to accept online payments which can be much easier with credit card merchant accounts.
Any opinion why?
Card payments vs. Cash: What is the future of payments in 2018?
With a robust climb of alternative payment solutions, customers want to utilize whatever payment vehicle they adopt.
Though cash still has a role to play in the current environment, consumers have come to expect multiple ways of payment methods. They have an abundance of choice, from cash vouchers, payment applications to digital wallets and cryptocurrencies. The list is non-ending. But still – card payments are heading the way – so let’s find out why.
It’s astonishing, but around three million of the UK small businesses do not accept card payments. This is beside the UK having more than 3.4 million card-only shoppers, as UK Finance explains it.
Comes out, while small business owners limit things down, their e-commerce rivals don’t feel the heat. They offer a full package of shopping-on-the-sofa advantages– what is the most reasonable way to keep customers shopping again. It makes a vacuum for small businesses to pad.
Make yourself habituate with card payments – or be left behind.
As per trusted source, around one-third of people in the UK come to visit a cash machine once a month or less often. What’s the reason behind that? They desire using a ‘tap-and-go’ process.
In a competitive landscape, it’s necessary to thrive in the changing market. This alerts especially true for small business owners. What could be more unstable than having to turn your customers away and look at them visit another card-friendly store? Similarly, it is also vague for a client, who has to alter plans entirely just because he’s cash-free.
As per RFi Group research states, the advantages of adopting card payments are clear. Small business owners should either change to card payments or leave out their customers. Global e-commerce businesses are falsifying the path to cash-free society, and there’s nothing we can do but adopt that.
Card payments tie security & convenience altogether
RFi Group terms three main factors for accepting these payments. So let us dig in deeper and elaborate each and every point in more detail.
This payment process is far more flexible for regular day-to-day spending. Businesses monitor cashless payments more smoothly. Statistics on fluctuations in customer spending indicates how the duration of the day / the season may impact customer buying habits.
In fact, businesses can even reap in more profits, adopting card over cash. As per research, around 12-18% of people expend more paying by credit cards.
2. Fear of missing out.
According to an RFi Group research, this is the second most general factor for using cashless payments. Visa’s research suggests that an around nine in ten people put off business or a shop due to long queuing.
While card payments are easier than traditional payment processes, they nearly reduce queuing.
And let’s just not forget about youngsters. For them, card payments are already today’s’ trend, not tomorrow’s.
As per trusted source, Three-fourths of those aged in between 18 and 34 already desire online shopping to an in-store choice. Keeping with this in mind, businesses should render millennials with what they need– a multitude of one-click, cash-free payment options.
Utilizing card payments, businesses do not catch hold as much cash as general. In this way, they ultimately reduce the risks of physical theft.
These payments are almost equally good for consumers. Because transaction data is encrypted, thieves cannot access it and steal consumers money. Just make that sure you utilize a trusted payment processing system and finish off all the doubts. Assuring customer security is a way of winning loyalty and faith.
If you are looking for a reliable merchant account provider, you are in the right place, as IPAYTOTAL provides the best solutions for e-commerce businesses. We guaranty quick real-time credit card processing, top-notch services and at reasonable rates. Give us a call at +44 800 776 5988 or get in touch with us through our website.