Sorry, I don’t take cash.

by Michael Addison in Retail, Small Business Tips | posted:

cash vs card banner

 

When was the last time you paid for something with your card?

 

Card and contactless have ended up overtaking notes and coins as the principal payment method for purchases. That’s everything from fuel, shopping and trips to the pub.

 

Although, It’s unlikely your local car-boot sale or farmers market has access to a card machine. There are also workers still paid cash-in-hand.

 

So, if you’re a small business owner, is it worth just scrapping notes altogether and making the transition to card-only?

card only policy

Card only Businesses

 

The hazy often-forgotten Amazon packages and the world of e-commerce already work on this front. You want an item without the need to pay into a physical store. Hey presto, it’s at your door.

 

But, there are establishments already trying out card-only. A few bars in Manchester have begun refusing cash payments.

 

The benefits

  • Physical Theft
  • Money saved from annual bank charges
  • Less accounting worries

 

Card payments saved management time and money.

 

This solution isn’t without holes as one commenter pointed out.

comment card policy

 

A greater threat is digital theft.

 

Digital Violence:  Robbery at the click of a button.

cybercrime small business

 

The traditional fear of burglars in balaclavas gunning for the prized business safe is slowly dissipating, as the new era of crime has been taken online.

 

The Office of National Statistics reported online crime and fraudulent activities had fallen nationwide for consumers, though, attacks on businesses increased. Criminals used techniques like DDoS and Malware which damages a computer/website.

 

No business is too small to be at risk from cyber attacks, with 13%  small businesses facing a breach in the past year. We’ve covered in this [previous article] how best to protect your data.

 

It’s not all doom and gloom, right?

 

Card versus cash policy small businesses

 

For small businesses operating physical stores, the move to a card or cash only policy is a tough one. There are various benefits and consequences to each.

card versus cash policy small businesses

 

Not everyone is convinced cash payments are fizzling out. A survey conducted on small businesses found that 46% of those interviewed explained how their customers don’t want to abandon paying in physical currency. The growing ease of choice, phones, watches and contactless cards breeds greater variety in how we pay, though it may not be time to say no to a note.

 

For us at Direct365, our online store offers small businesses a wide variety of choice with the comfort of knowing all payments get handled securely. Our service is quick, efficient and supportive. We’re light years away from accepting bitcoin, but, we wouldn’t poo poo your PayPal account. Why not take a look? We’re open.

Take a look at what we have on offer here

online business sme

 

 

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