Is your SME accepting credit card payments?

According to new research 2.6 million SMEs within the UK are still not accepting card payments. Many SMEs across the UK are putting themselves at risk and a competitive disadvantage by only accepting cash payments.

The research found that 81% of consumers would be more willing to use their local shops if they knew that they accepted card payments, this implies that a large number of shops are missing out on sales.

Managing Director of GIC Capital, Kennedy Zvenyika comments;

“Small Businesses in the UK are in the constant competition with larger organisations and because of this, they need to take advantage of every opportunity that they have at their disposal.

“They should also recognise the merits of making is as fuss-free as possible for customers to buy from them by offering the facilities for card payments as well as more traditional payment methods, such as cash.”

During July 2017, card payments took over cash payments as the most popular way of purchasing, this has continued to grow.

The British Retail Consortium released figures which found that the average Brit has just £32.54 cash on them all the time, and although card payments are more popular this amount is enough to cover the cost of an average purchase which is currently £18.42.

Kennedy went on to say;

“The merits for businesses that choose to offer their customers card payments also go well beyond financial accessibility. There is the element of increased safety to consider, as it means that businesses will not be holding as much cash on their premises.

“They are also likely to ease the workload that is synonymous with cash payments, which often results in numerous transactions as opposed to a regular statement from card transactions.”