The Card Payments Revolution Empowering SMEs

Card/contactless is now the go-to option for most UK consumers.

Source: TakePayments

Contactless technology and the rise of digital banking have led to an exponentially rising demand for card payments.

As traditional payment methods, such as cash and checks, gradually take the back seat in the UK, a market known for its rapid adoption of technological advancements, consumers are not just passively observing this change but actively driving it.

For Small and Medium-sized Enterprises (SMEs), embracing card payments is not just about meeting customer expectations but also an opportunity to enhance operational capabilities.

Here is how:

Streamlined Processes

Traditional payment methods that require businesses to record and track each transaction manually are time-consuming and prone to human error. Card payments automate these processes and reduce the risk of errors, freeing up time for businesses to focus on other aspects of their operations.

Enhanced data and insights

Card payments generate valuable data that helps understand customers’ preferences, behavior, and spending patterns. SMEs can use this to tailor their products, services, and marketing strategies to meet customers’ needs, boosting satisfaction and retention.

Expanded market reach and opportunities

Cards enable SMEs to accept payments from customers nationwide and tap into a larger customer base through e-commerce and digital services channels.

According to Statista, online retail sales in the UK reached £99.3 billion in 2020, up from £76.1 billion in 2019.

The UK is inching toward a cashless society, and the government’s measures to enforce electronic payments are set to tighten the noose on cash-based businesses.

Are you planning to embrace card payments? Here is everything you need to know.

How to choose the best card payment machine for your SME

Many options are available, from simple card readers connecting to your smartphone or tablet to full-fledged point-of-sale (POS) systems that integrate with inventory, accounting, and CRM software.

Here are some key factors to consider:

Cost: The cost of a card payment machine depends on the type of device, its features and functions, transaction fees, and the contract terms.

Functionality: The functionality depends on the type of business you run, the volume of transactions you process, and the level of integration you need with your other systems. You should look for a card payment machine that offers relevant features and functions for your business, such as contactless and mobile payments, receipt printing, inventory management, reporting and analytics, etc.

Reliability: A card payment machine should be durable, easy to use, compliant with industry standards (such as PCI DSS), and backed by a reliable provider that offers 24/7 customer service and technical support.

The Future of Payments

In a rapidly evolving digital landscape, the emergence of mobile payments and digital wallets marks a transformative shift in how transactions are conducted.

However, the card payments revolution is more than just a shift in how people pay; it's about empowering SMEs to compete in a modern marketplace, future-proofing operations, and consistently meeting customer expectations. Its a low risk bet, at worse.