Originally written by Dan Matthews on Small Business
The way consumers pay for goods and services has been revolutionised in recent years. From the coins and notes that we have all used for decades, to the smart digital applications of the 2020s, people now have more ways to pay than ever before.
As a small business owner, keeping up with advances in payments technology can feel like a challenge, but in truth getting set up is easier than you might think.
Why go contactless?
Cash remains a popular way to buy. According to the Bank of England, there are around £70bn-worth of notes in circulation, or about £1,000 for every member of the British public.
But plastic has caught up and, in 2017, overtook paper and coins as the UK’s preferred payment method. At the same time, the old-style Chip and PIN method has been joined by contactless as a quick and easy way to settle bills of £45 and under.
Before the coronavirus took hold in the UK, there were 889m contactless payments in February 2020 alone, the vast majority of which were made via credit or debit card. But customers also increasingly use their phones or smart devices to pay.
But at the peak of
Tag Archive for Contactless payments
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How to sell anywhere with contactless payments
by Dan Matthews • • 0 Comments
Originally written by Dan Matthews on Small Business
The way consumers pay for goods and services has been revolutionised in recent years. From the coins and notes that we have all used for decades, to the smart digital applications of the 2020s, people now have more ways to pay than ever before.
As a small business owner, keeping up with advances in payments technology can feel like a challenge, but in truth getting set up is easier than you might think.
Why go contactless?
Cash remains a popular way to buy. According to the Bank of England, there are around £70bn-worth of notes in circulation, or about £1,000 for every member of the British public.
But plastic has caught up and, in 2017, overtook paper and coins as the UK’s preferred payment method. At the same time, the old-style Chip and PIN method has been joined by contactless as a quick and easy way to settle bills of £45 and under.
Before the coronavirus took hold in the UK, there were 889m contactless payments in February 2020 alone, the vast majority of which were made via credit or debit card. But customers also increasingly use their phones or smart devices to pay.
But at the peak of
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5 reasons why (and how) you should meet demand for cashless payments
by Lee Jones • • 0 Comments
Originally written by Lee Jones on Small Business
For businesses in the unattended market, keeping up to date with ever-progressing technology poses a challenge. Cashless payments and new payment methods have been growing in popularity, and it can feel like a struggle to keep up. Not to mention the fact that the time and expense of upgrading self-service payment terminals can be intimidating.
However, failure to move with the times could cost merchants business.
Here are five reasons why (and how) any merchant who operates unattended terminals – whether they’re in hospitality, parking, transport, retail, transport or travel – should be looking to meet the demand for cashless payments.
>See also: Why businesses should go cashless: pros and cons
#1 – Cash has been dethroned
The old saying, cash is king, has become less and less relevant in recent years. Card payments in the UK have grown at an exponential rate, and research from UK Finance showed that the amount of payments made with physical money dropped by 22 per cent between 2006 and 2016. In fact, card payments overtook cash payments in 2016, with notes and coins accounting for just 40 per cent of spend. It’s predicted that, by 2026, cash will be used for
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Best payment processors for UK small businesses – 11 of the best
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Now that your business is ready to take payments, it’s time to think about how you’ll be processing payments. Alternatively, you might just want to change your current payment system. It’s time to think about what are the best payment processors for you and your business.
You’ll find that payment processors perform largely the same tasks, but it could be a single feature – or the cost – that’ll steer your final decision.
Knowing what’s on the market will help get you going, which is why we’ve compiled a list of the most widely recognised systems. But first: a quick definition.
>See also: Why getting up to speed on card payments is essential for SMEs
What is a payment processor?
A payment processor is a third-party payments system, sending between your customer’s bank account and your business bank account. Payment processors can also authorise transactions and work on merchants being paid within a certain time period.
The term is often used interchangeably with payment gateway, a means of approving a payment. Many firms combine payment processors and payment gateways in one product, so you’ll more commonly see it referred to as a payment gateway.
>See also: Setting up card payments
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What Facebook’s Libra currency means for your small business
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Libra is the new cryptocurrency that Facebook plans to launch worldwide in 2020 that will enable its 2.4bn users worldwide to pay for goods and services or send money worldwide with no transaction fees.
Kevin Weil, vice-president of the proposed Facebook payment service, says the company hopes the new currency would last “hundreds of years”.
Why is Libra significant?
Libra will give Facebook the full picture of its users. The world’s biggest ad platform already know almost everything about you – who you are friendly with, where you go, what you like and what you think (at least publicly). However, although it knows which products get your attention so small businesses can sell to you, what you actually buy has been unknowable. Until now.
How does Libra work?
In truth, Libra is not really an unregulated cryptocurrency; it’s really a PayPal or a garden wall version of crypto pegged to a basket of fiat (government-backed) currencies and supported by some of the world’s biggest financial brands including Visa and Mastercard. Libra’s assets managed by an independent Swiss trust, the Libra Association, which Facebook would be just one voting member of.
Facebook sees Libra as an evolution of PayPal: simpler
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Half of customers would walk away if cash is the only payment option
by Owen Gough • • 0 Comments
New research from business technology provider First Data reveals that UK businesses risk losing one in every two customers by not accepting non-cash payments. In a survey of 1,000 UK consumers conducted by OnePoll, card payments emerge as the preferred method of payment for 59 per cent of respondents. Rather than seek an ATM, 43
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Contactless payments to save UK shoppers almost £1 billion of their time
by Owen Gough • • 0 Comments
Ahead of the tenth anniversary of contactless payments next month, Barclaycard’s data predicts that the number of contactless transactions will increase by 317 per cent in the next four years. With proprietary data showing that ‘touch and go’ is seven seconds quicker per transaction compared to Chip and PIN and 15 seconds faster compared to
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Contactless now the favoured way to pay for British shoppers
by Owen Gough • • 0 Comments
Data released by Barclaycard today as part of its quarterly Contactless Spending Index shows that ‘touch and go’ payments continue to surge in popularity with spending up by more than a third (34 per cent) since the turn of the year. As the tenth anniversary of Barclaycard introducing contactless technology to the UK approaches in
The post Contactless now the favoured way to pay for British shoppers appeared first on Small Business.
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The top merchants in the rise of contactless payments
by Owen Gough • • 0 Comments
Despite customers across the UK often experiencing ‘sorry, we don’t take contactless payments’ apologies at the till, it’s clear that tap-to-pay is on the rise. According to the contactless statistics for 2016 from the UK Cards Association, over 21 million contactless cards were issued in the UK, with the total contactless spend reaching over £25
The post The top merchants in the rise of contactless payments appeared first on Small Business.