takepayments blog.

From the rise of AI-powered security to the dominance of contactless transactions, staying informed on the latest trends may not just be helpful — it may be essential for small businesses aiming to meet today’s consumer expectations and stay one step ahead of the competition. But don’t worry; it’s our mission to keep small businesses flourishing, so we’ve taken one thing off your plate. 

Tax season can feel daunting, especially for small business owners and sole traders managing everything themselves.  In the 2022/23 tax year, a record-breaking 11.5 million taxpayers submitted their Self Assessment tax returns by the 31 January deadline. But understanding how to navigate this isn’t as simple as filling in a form and hoping for the best. 

These days, card payments are an essential tool for any modern business. In fact, according to an exclusive takepayments survey, 1 in 3 consumers admit that they never carry cash on them. This shift towards an increasingly cashless society means businesses must adapt or risk turning away potential customers. Whether you're running a café, a retail shop, or an online store, offering customers the convenience of paying by card can make a big difference.

As a small business in the retail industry, no doubt you’re au fait with the ins and outs of accepting payments; it’s the backbone of trading, after all. But when it comes to refunds and returns, not everyone is as clued up despite the fact they’re a by-product of working in sales. With nearly one in ten (9%) of all products purchased in brick-and-mortar stores being returned, businesses need to have an efficient product refund system in place to make the exchange as streamlined as possible for all parties. As well as this, 62% of shoppers said they were more likely to shop online if they could return items in-store. This shows just how important in-store refunds are to customers and how much of an impact they can have on eCommerce overall.

While there’s no expectation to tip in the UK, 60% of Brits said they’d add gratuity if impressed by the service, and 1 in 3 people stated they were likely to tip independent businesses to show their support. Therefore, it's a good idea to learn more about tips and service charges so you don’t miss out on hard-earned money. However, as a business owner, it’s also important to know your responsibilities for distributing your tips amongst your staff.