Cold, hard cash. We’re just not carrying it around like we used to. And for good reason. Cash is slower at the till, harder to keep track of and if your wallet gets nicked, it’s gone.
As a nation, we’re using our cards more and our cash less. These days we only carry less than £20 in our wallets on average and only half of us visit the ATM to top up our cash in an average week. In 2005, Brits used cash to pay for 64% of all purchases. In 2015, it was down to 45%. Since then the trend has continued, with contactless now making up a third of all card payments, and cash is expected to make up only 27% of all payments by 2025.
As a small business owner, if you don’t accept credit cards, you’re missing out on business. In fact, 52% of consumers believe that businesses that don’t accept credit cards will be left in the dust, with 12% of customers having abandoned a purchase at cash-only businesses only to buy the same item elsewhere, at a business which did accept card payments. Seventy percent of customers would prefer to use card for purchases over £100 due to concerns about security, though 64% of UK card holders still use card as their preferred payment method for small purchases simply due to convenience.
More than 50% of purchases are now made with card, so equipping your business with the means of accepting any of the 108 million contactless cards currently in use in the UK ensures you’ll never miss a sale.
With Square, it’s simpler and easier than ever to accept credit and debit cards. Square Reader is easy to use, simple to set up and completes card payments in seconds. And it’s yours for just £19, plus VAT. Our low-cost credit card processing rate is just 1.75% per in-person card payment, whether it’s chip and PIN or contactless. Note: When you manually key in a card number in the Point of Sale app, the fee is 2.5% per transaction.
Plus, the reader comes with Square Point of Sale and online reporting Dashboard. These tools contain powerful analytics and help you manage your entire business. You can also send invoices for free and pay just 2.5% per invoice paid securely online. That’s every tool you need to accept credit cards and get paid faster.
FABberz Lab in London has been benefitting from the inclusiveness of the Square reader, saying
We used to have to turn international students away because we couldn’t accept American Express, so we lost sales. We’re happy to offer so many ways to pay for our customers.
We love helping small businesses grow. We also know you have your hands full and we’re here to help things run a bit smoother. So the next time a customer asks if you accept credit cards, we hope your answer will be a resounding ‘Yes!’