Cash is dead – long live the card

If you want to grow your business and retain customers, having a streamlined payments system is key. Here’s how you can pick the best fit for your business.

Do you find it annoying when a retailer only accepts cash, or charges you to use your card? If so, you’re not alone. That’s why it’s so important to offer your customers a range of fair, easy to use payment options that don’t stop them coming back.

And did you know that 25% of people are more likely to reach for a card than cash? By adopting a digital payment system your business could boost sales by 15%. It makes mobile payments so much easier. You can wirelessly connect from wherever you are, whether that’s a market stall, home office or your own shop.

Benefits of adopting digital payments:

• Improve the customer experience by making payment quick and easy
• Enhance security with smartphone technologies
• Become a competitor to Amazon and their 1-click easy payments
• Reduce the cost of fraudulent transactions

Our mission is to make sure you never miss a sales opportunity. With this guide, you’ll be able to plan, select and explore digital payment options that fit your business…

Buying guide

First, select a supplier who makes it simple for you to adopt a new payment method. Look out for a telecoms provider that offers the following:

• Online training and customer support to increase digital skills
• A flexible business data plan and broadband with high 4G coverage
• Free e-commerce templates with a 1-click option or payment button
• Built-in security to reduce fraud
• A payment terminal with Near Field Communication (NFC) Point of Service (POS)
• No set up fee
• A fair charge when customer payment is received (some providers charge a lot more per transaction than others)

Face-to-face payments using readers:

PayPal Here
• Take card and contactless payments inc. Apple Pay and Android Pay
• No monthly fees
• Payment within seconds
• £45 for the card reader, from 2.75% per transaction

iZettle®
• Grow your business by 15% a year versus EU average of 3%
• Cash advances with fixed fee and flexible repayments
• Sales reports
• £29 for the card reader, from 1% per transaction

Sage™Pay
• Accept Chip and PIN card payments in-store or on the move with a standalone PDQ machine
• Process all major debit and credit cards
• Reader and fees from just £13 p/m

FSB Card Payment Processing
• Take card and contactless payments inc. Apple Pay
• Uses Worldpay, the UK’s #1 payments provider
• Pay by Link serves customers in seconds

Smartphone technologies:

Paym
• Account-to-Account (A2A) technology – pay or receive money just using a mobile number
• Used by major banks to offer Faster Payments System of up to £250 p/d

Digital Wallets
• Allows purchases online or via smartphone (81% of the UK owns a smartphone)
• Requires Near Field Communication (NFC) enabled POS terminal
Adoption highest for ages 18-34

Apple Pay®
• Super secure – tokenization of card numbers, touch ID and on-device storage
• Apple takes responsibility for fraud instead of the merchant
• Requires Near Field Communication (NFC) enabled POS terminal

Android Pay™
• Customers pay via stored cards launched in an app
• Requires Near Field Communication (NFC) enabled POS terminal
• Can take payment in person and digitally

Wearables:

BPAY
• Contactless ‘loops’ for watches for hands-free and card-free payments
• Same security and fraud prevention as credit, debit and contactless
• Payments up to £30

e-Commerce:

Charge to Mobile – online payments:

ImpulsePay & Billmobile
• Buy online and charge up to £30 to your mobile bill
• Supported by all UK mobile networks
• Preset payment screens

Payment services:

PayPal™
• Click a button to pay
• Accept debit, credit and PayPal
• No monthly charge –just pay a small fee on each payment
• Built-in advanced fraud protection
• Easy mobile payment

iZettle®
• Manage their inventory, loyalty programs and customer flow

Sage™ Pay Invoice Payments
• Makes it easier for customers to pay invoices
• Online or over the phone
• 24/7 support
• Works with Sage Accounts software

Sage™ Pay Online Payments
• Integrates with existing payment pages
• From £19.99 p/m
• Built-in security

FSB Card Payment Processing
• No set-up fee
• Mobile Card Payment Terminals
• Access to a business dashboard

Digital payment training

Knowing how to run a digital payment solution will effectively create a painless, streamlined experience. Choose well and your business will go from strength to strength. Check out these simple training guides and comparison sites…

CardSwitcher: save up to 40% by comparing your card processing fees.

PayPal™ Training: it’s all there – from setting up an account to using a PayPal POS terminal.

The Payment Business School: topics include the rise of e-commerce, new payment technologies and what they mean for your business.

Why not visit our Ready Business Indicator to see where your business is performing well and where you can make improvements. That way you can be more responsive and ready for anything.