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Understanding Merchant Accounts

As the world changes, so too does the nature of business. With the dawn of the internet, online businesses are becoming more and more popular and although there is still an abundance of physical stores in the UK, physical cash is becoming less common. A study shows that Britain is on course to become a cashless nation within this decade1.

As the country seems to be moving away from cash, it is becoming increasingly beneficial for businesses to start accepting card payments. To do so you will need to have set up a Merchant Account. This is a type of bank account that lets your business accept secure debit and credit card payments. This can be done, in store, over the phone, or online. Without one of these accounts your business won’t be able to process credit or debit card payments and runs the risk of you being left behind in the ever-evolving world of business.

Still not sold? Read on to discover 5 Ways That Card Payments Can Benefit Your Business and a little bit more of an insight into the Merchant Account space.

5 Ways That Card Payments Can Benefit Your Business

1. It Makes Paying & Getting Paid Easier

Card payments make things much simpler for both you and your customers. On a very basic level, you don’t to check the authenticity of the cash and then spending time counting out the change. With a card transaction, type the cost into your terminal and you’re good to go. If you have contactless capabilities, even better! This allows for a much smoother transaction time between you and your customers. These types of payment also lower the need for bank visits, to either deposit or change cash, saving you valuable time away from your business.

2. It Will Increase Your Customers Average Spend

Your customers may have a budget in mind but then throw it completely out of the window when they see something that they like and just “put it on the plastic!”  A 2019 report showed that 85% of consumer payments were spontaneous, totaling £29.7 billion. By 2024, 50% of all payments are forecast to come from debit cards, whereas 65% of UK adults already currently own a credit card.  This just goes to show how taking card payments either in person, online or over the phone, can help boost the income of your business.

3. Greatly Increase The Amount of Customers Who Will Buy From You

As mentioned, cash is becoming a thing of the past, and as a result, more and more electronic methods of payments are emerging. Although traditional companies such as Visa and Mastercard are still extremely common, companies such as Google, Apple and Android have their own dedicated payment services that are becoming increasingly popular.  It is now even possible to pay directly with your phone or smart watch!  8.5 million people have registered with mobile payments , being able to accept these payments will increase your customer base massively.

4. Massively Improve Your Cash Flow

Card payments provide a much more streamlined process than taking cash. Those taken from card payments are much more likely to be settled quickly and the proceeds are deposited into your business bank account within a matter of days. This cuts out all the hassle surrounding cash, bouncing cheques and invoice collection from customers. This can result in a higher rate of efficiency for day to day running of your business.

5. Brilliant Security For You & Your Customers

Having a large sum of money on the premises is always a risk.  No matter how good the venue’s security is or how strong your safe is.  With Card payments the money is all stored digitally meaning that there is zero percent chance of theft.  This also eliminates any possibility of accidental loss or damage to cash reserves, giving you one less thing to worry about at night.  Your customers are also protected against theft and fraud.