takepayments blog.

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.

Every penny counts for new businesses. It’s estimated that 20% of start-ups fail within their first year, which means that a helping hand could be the lifeline they need to keep going. Whether your store needs a renovation or you have an exciting project in the pipeline, a cash injection can be a vital source of funding for many start-ups or SMEs in the UK. However, applying and successfully securing them can sometimes feel like an uphill challenge.

Running a business brings some big rewards but also comes with many responsibilities, from managing taxes to invoicing. One of these obligations is being compliant with the required payment regulations and standards, which is crucial for protecting your business and customer trust. The Payment Card Industry Data Security Standard version 4.0 (PCI DSS 4.0), the latest update to card payment security standards, introduces a new wave of requirements that businesses must meet before the deadline.