Truth #1: While there are costs to taking card payments, the benefit is that you may also get more customers. There are also hidden costs to handling cash, such as the time and security needed for trips to the bank to make deposits.
Myth #2: “Taking card payments would make things more complicated. I’d have to do loads more admin, put in extra security and change my business set-up.”
Truth #2: It’s not a lot of extra work to reconcile card payments on top of cash – the process is almost the same. Your card machine can simply print out the total you’ve taken by card at the end of each day. Easy!
In terms of your set-up, taking card payments only requires a phone line or internet connection. And even the smallest of businesses are able to meet security requirements.
Truth #3: It’s true that payment technology is always moving forward, but even innovations such as smart wallets and contactless payments still need a physical device to take the payment.
At Barclaycard, we’re always keeping track of changes in technology and payment trends, regularly updating our services to keep you up to date.