How Small Businesses Are Adapting To An Increasingly Cashless Society
More consumers in the United Kingdom are starting to prefer cashless transactions. As a matter of fact, a national survey from UK Finance found that more than 23 million Brits used almost no cash in 2021. Instead of paying with actual money, people are using contactless payment methods like credit/debit cards or mobile payments. The same report also predicts that notes and coins will account for just 6% of all payments within a decade. That’s why if you’re a business owner, adopting contactless payment methods is one of the best ways you can keep up with this increasingly cashless society. The good news is that there are various payment methods available today that can be used by small businesses.
In this article, we will discuss some of the payment solutions that businesses are using to adapt to this change.Mobile Payment Portals
Since nearly 54 million people in the UK own a smartphone, one of the most popular cashless payment methods that small businesses use today are mobile payment applications. Aside from being convenient and fast, these applications guarantee secured transactions for both customers and business owners since they require authentication methods like fingerprint scans, facial recognition, and passcodes. Depending on the application you use, you can further streamline mobile payments. For instance, if you own an iPhone, you can use your mobile device to accept Apple Pay payments with the Tap to Pay feature. With PayPal, you’ll only need to provide your unique QR code, and the money will directly go into your account. Because these applications are easy to navigate and budget-friendly, even small businesses can adopt this technology.
Card Reader Machines
According to the same UK Finance survey, almost 48% of all payments in the UK in 2021 were done using debit cards. This is why the latest card reader machines remain essential pieces of equipment for businesses. With card reader macines, you can easily accept and process debit or credit card payments. Modern card reader machines are very portable and easily connected to Wi-Fi or Bluetooth. For this reason, you can conveniently receive payment from your customers anywhere in your establishment. This portability will help you reduce overall transaction times, boosting customer satisfaction and employee productivity. Finally, since high-quality payment platform providers also outfit their card reader machines with anti-fraud technology, your business’ financial transactions are safer.
Self-Service Kiosks
Although most self-service kiosks are seen in larger stores in the UK, such as Tesco, it doesn’t mean small enterprises can’t utilise them in their stores as well. So if you have the budget, investing in a few of these kiosks can significantly elevate your store. Like most POS systems, a self-service kiosk can scan and receive payment from buyers using their credit cards or mobile devices. The only difference is that you don’t need to have staff waiting on consumers to operate the counter. As a result, you can reduce overhead costs and even shorten waiting times improving customer satisfaction. UK company Foodhub is one such company that is providing self-ordering kiosks to local independent restaurants, which in turn is allowing them to compete with bigger brands.
Although most of these cashless payment solutions require you to buy new readers or terminals, the upfront costs of this equipment can offset the benefits you will receive from offering these methods. That’s why using one or two of these solutions will greatly boost your business, especially if you’re looking to upgrade your payment services.
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