Payment System

What to Consider When Updating Your Payment System

How people pay for goods has been changing dramatically in recent times. Cashless payments have now become the most popular way to pay for goods in the UK. Many businesses are now considering updating their payment systems, but may be worried if it will be worth the investment right now. Here’s what you need to know.

Payment System

Will It Increase Revenue?

First and foremost, business owners, particularly those running SMEs on a strict budget, will be wondering if the increase in revenue will outweigh the initial cost of investment. According to a report by Dun & Bradstreet, consumers spend 12-18% more when shopping with cards. So called “impulse buys” are known to rise when shoppers have access to using their card, as it becomes much more convenient than paying with cash. Just consider the amount of time it takes to go to and back from the nearest cash point. If they choose not to come back, that represents a lost sale.

Will It Cause Any Downtime?

With the prospect of encouraging spending from your customers, it may seem like a no-brainer at this point. However, you may also be wondering if updating your system could cause any major downtime to your business. With many businesses now open 7 days a week, any procedure that can’t be installed overnight could cause problems. Fortunately, there are many different payment options available to you, such as terminals that range from portable solutions to virtual services. Many of these are easy to install yourself, and can even be rented if you want to test to see if this solution is right for your business.

Will It Future-Proof Your Business?

The technology industry is moving so fast right now that you may fear your new system could be made obsolete in just a few years time when the next technological innovation comes along. Near field communications (NFC) is the latest payment technology that is making waves right now, and a major feature you should look out for. It allows customers to use their smartphones and other similar devices to pay for goods, in a similar fashion to new, contactless debit and credit cards. Last year, Apple launched its own payment service in the United States, which allows its users to pay for goods through their iPhones and Apple Watches. Now that this feature is available in the UK, more and more consumers are going to want the option of paying through a NFC-compatible terminal.

Payment technology is a crucial function for any business that many entrepreneurs take for granted. For a long time, your options were limited, but with advancements in modern technology there is now many new solutions available to you.