The use of credit cards is fast becoming one of the most popular methods of payment in the UK and America. In a fast paced and modern world, it is not always easy, convenient or even possible to conduct all transactions in cash. Most consumers have experienced the frustration of running out of physical currency or struggling to find an ATM in an hour of need. Some people simply do not like to carry large amounts of money with them at all times, preferring instead to use credit or debit cards to carry out their daily transactions. It is therefore highly important for all merchants to consider using credit card payments services as part of their daily business activities.
Credit card payments allow customers more freedom of choice about how and when to spend their money. They are able to purchase what they like, when they like, and they generally spend more of their money than when they pay by cash, as they are not limited by the amount of money they have on their person. In the UK, card users spend on average over £20 more per transaction than consumers paying using cash. Impulse purchases are also far more likely when customers are able to pay for goods using credit or debit card. Many businesses still allows customers to use alternate payment methods, giving both customers and business owners the greatest degree of flexibility and choice.
These services also afford businesses the capability of setting up a functioning online branch, which can process payments up to 24 hours a day, if they so choose to. Systems can be put in place that allows fast, simple and safe transactions at any time of day or night. Compared to an average 9am-5pm business, this can effectively triple the amount of time that some businesses are able trade for by allowing customers to browse and buy for 24 hours. Having an online branch also means that businesses can expand from targeting and being known by a local audience, to being seen by national and international audiences. More customers can spend more money, more of the time!
Credit card payment services offer the advantage of remotely located payment services that can make controlling a company’s finances far easier for businesses of all sizes. Electronic records are automatically kept of payments which are made to businesses, which may help to simplify accounting and tax records. Additional services provided by card payment companies are designed to further help businesses keep on top of their finances and support staff are usually available 24/7 to provide extra support and assistance.
In a modern world, it is important that SMEs keep abreast of the latest business developments and in order to keep up with big businesses, it is essential that they embrace credit card payment services. As consumers evolve, businesses must also evolve to keep up with them. Allowing card payments gives customers the maximum flexibility to spend their money how and when they want, in turn maximizing opportunity for individual businesses.