More and more customers are using card machines when making purchases at small businesses. This shift is largely due to the growing popularity of card payment usage by customers in general, as well as the convenience and security offered by cards.
In this article, we'll take a look at some of the factors driving this trend and what small business owners could do to stay ahead of the curve.
One of the main things fuelling the continued popularity of card payments is the ever-present threat of card fraud.
By using a card instead of cash, customers can be more confident that their purchase is protected in the event that something goes wrong.
In addition, card payments can offer customers a level of convenience that cash simply cannot match. With card payments, there's no need to carry around large amounts of cash or worry about change. Customers can simply tap or swipe their card and be on their way.
What are the current trends heading into 2023?
For small business owners, staying ahead of the curve when it comes to card payments is essential for remaining competitive. Here are a few things you could do, and a few others to look out for, in order to make sure you're prepared for the future of card payments:
- Offer simple card-payment options: Make sure your small business is equipped to easily accept card payments. If you don't already have a card machine, you could consider investing in one. There are many options on the market that can help you take card payments quickly and easily.
- Promote card payment options: Once you have card payment capabilities, make sure your customers know about it! Include information about your card payment options on your website, in your store, and on any marketing materials you use. The more customers know about your card payment options, the more likely they are to use them.
- Post-pandemic appetite for contactless payments will continue to grow: The pandemic has led to a surge in the use of contactless payments, as customers seek to minimise physical contact with surfaces. This trend is expected to continue post-pandemic, as customers become more accustomed to the convenience and safety of contactless payments. As a small business owner, you can stay ahead of the curve by offering contactless payment options to your customers.
- Crypto might not be done with us yet: Cryptocurrency may have had a year to forget, but don't write it off becoming a mainstream payment option in future. Finance experts consistently point to crypto's instability, but with regulation on the horizon it's worth keeping an eye on this option for the time being.
- Apple Pay and Google Pay will continue to gain traction: As card payment technology continues to advance, more customers will be looking for alternative payment options. Apple Pay and Google Pay are two of the most popular contactless payment methods available, and they're expected to become even more widely used in the coming year. Make sure your small business is prepared to accept both types of payments if you want to stay ahead of the competition.
- Open banking is here to stay: A technology-driven movement designed to increase competition and innovation in the banking sector, under open banking, customers are allowed to share their financial data with authorised third-party providers who can then create applications and services, such as budgeting tools, price comparisons for financial products, or innovative new ways to borrow, save — and spend — money.
- Digital loyalty cards: By setting up a digital loyalty card that can be added directly to a mobile wallet, you can make it easier for customers to access their card information whenever they need it and keep track of their rewards points with just a few taps.
- Online sales growth could also mean increased card payments: Make sure you offer a wide range of card payment options on your website, and that your checkout process is as smooth and simple as possible in order to close those sales — and yes, we can help you with that.
As card payments continue to become more popular, the businesses that are prepared will be the ones that reap the rewards.
And, of course, you can discover how takepayments can help your small business have a great 2023 by clicking here.