Why Wireless Payment Methods can Help Small Businesses

More and more small businesses are starting to use wireless payment methods here in the UK, rather than sticking with operating a cash-only service. This shouldn’t come as any surprise though as there’s a number of benefits wireless payments can bring to a company. To give you a clearer idea, here’s a few examples of such advantages that the country’s SMEs are realising as a result.

More sales

First and foremost, having wireless payment systems such as Chip and PIN card machines, online payment systems, portable card terminals and more can lead to more sales. This is purely from a processing perspective, as the time it takes to record a sale using such methods is far faster than having to handle and count out money.

Faster customer service

Along with the increased speed of the transactions, there’s also the fact that you’re increasing the speed of your customer services. Again, instead of spending your time dealing with money you can focus your efforts on helping customers with their purchases and dealing with any issues or queries.

Increased customer satisfaction

With both of the above points what can then come to your SME is increased customer satisfaction – which can be invaluable for getting returning clients and potentially more business.

If you put yourself in the shoes of your shoppers, imagine having to queue for a long time while the checkout assistant has to deal with cash-only transactions; it would be quite frustrating to say the least, especially if you were in a rush. What’s more, it might deter you from returning to shop with the small business again and possibly result in damaging negative feedback. Simply having wireless transactions available to deal with this can avoid this situation and help ensuring your customers leave happy.

A modern business

Lastly, having these systems also demonstrates that your business is up to speed with the currently technology-dominated society we live in. Today’s modern consumers will probably expect to have at least Chip and PIN available and may well be slightly taken aback by having to pay with cash. Being up-to-date with technology can again work towards leaving a positive lasting impression on customers.

So, if you own a small business and have yet to make the change to wireless payment technology, now could be the right time to act. When you do, you’ll not only be in-line modern expectations you could soon see your company becoming more successful.

About Anne Seymour

Anne is a young webpreneur, interested in all things related to money: earning, investing, saving. She's paid off her student loans and now is looking forward to doing a lot of writing and traveling.

If you like what you are reading, please share. Thank you :)

Recent Comments

  • posiimage

    March 28, 2016 at 9:28 pm

    There are so many options now. The traditional merchant accounts are really expensive. You have to pay for the equipment which means you either have to buy it outright or lease it. Then they charge merchant fees and transactions fees.

  • EuCtz

    April 9, 2016 at 7:34 am

    I’ve never been to the UK, but I’ve been using the Chip and PIN method to pay for stuff for a few years now! I actually didn’t think the swipe & sign method is even available anymore, since Chip and PIN is a lot more secure. basically, you can’t make a purchase unless you know your 4 digit PIN.

    • rz3300

      September 3, 2016 at 7:07 pm

      That is a nice little added security as opposed to just having to sign, and I am impressed how quickly the Chip cards have caught on here. One of the stores here that is pretty notorious for not embracing technology and keeping things old school has made the switch, and that is really saying something. Hard to argue with an added security measure. Thanks for sharing.

  • Pete's Sake

    May 2, 2016 at 8:15 am

    While I completely agree wireless payment methods are good for your business, one should also think about the type of customers they serve. For instance, most of my elderly aunts, as sharp as they (still) are at their age, they still prefer to pay with cash wherever they go (grocery store, hair saloon, you name it!).

    So, seeing how a business might have different categories of clients, I believe it’s best to be able to meet everyone’s needs: wireless payment methods for the younger generation and cash-only services for those who are afraid to use their card everywhere.

  • tabby

    May 15, 2016 at 5:08 am

    YES, wireless payment options should be available even in small-scale businesses. These days, people usually go out and take less cash with them. Having a cashless payment option allows them the convenience, of NOT having to line up at ATM machines, and just pay directly to you whenever they see something fancy at your store. Though not entirely great on the side of personal finance, but these cashless payment options enables customer’s impulse-buying tendencies. As a business owner wanting to make sales, you really don’t want your customers to head out to withdraw cash from ATM machines, just to get the cash they need for the purchase. The time away from your establishment, is a time for reason to kick in, which ultimately lead customers to forego the purchase. Having cashless payment options doesn’t necessarily mean, you don’t have room for cash-paying customers. You’re generally just widening your coverage.

  • Mike

    August 4, 2016 at 11:19 am

    Merchant account is still the best option in all because of their security. They might be bit expensive compare to these options but that is useful. Thanks for sharing great knowledge with us.

  • rz3300

    August 10, 2016 at 6:30 pm

    Well surely you can probably stop after the first one and you would be okay with most small business owners. More sales is usually enough to get my attention, anyways. That said, though, thank you for providing a more holistic view of the topic. It is certainly a sign of the times, and if it is something that your competition is doing then you better be also offering that service. It is in the business’ best interest to always be at the cutting edge of these technologies, in my opinion.

  • Clair02

    September 23, 2016 at 12:25 pm

    It’s very surprising just how many businesses in my part of the world have not yet woken up to the fact that wireless payment methods will benefit them and their customers so much in the long run. More sales, customer satisfaction and ease. Those benefits should be enough to get all of them running to get this technology for their businesses.

  • Mark Bennett

    September 14, 2017 at 8:06 am

    If you are a small, under $200k annual volume merchant, you can fly under the radar of Stripe and the like. I’ve known high risk guys happily processing with PayPal or Stripe for years, it’s fairly easy to slip through the cracks and stay processing.

Leave a Reply

Your email address will not be published. Required fields are marked *


©2018 Personal Finance Blog. All Rights Reserved. Created by The Medically.