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benefits of card payments

Merchants are tapping into the added benefits of card payments

Accepting card payments is now a business necessity having moved from being a fringe payment option over the last decade and a half. Irish customers made 6.6million card transactions every day in the second quarter of last year alone and merchants are meeting these payment expectations.

A reputable payments provider offers businesses the capability to reliably do that and, with the right questions to hand, businesses should choose the provider that best supports their business needs.

However, merchants are also tapping into the benefits of card payments as a service to streamline other business tasks.

Here’s how taking card payments supports your business beyond the initial point of sale.

Daily tasks and processes

Day to day efficiencies

By making it easier for staff to take and record payments with less manual processes involved, card payment acceptance supports improved productivity and frees up time for you and your team to concentrate more on customer service and other tasks. With busy workplace environments, the ability to take contactless payments through mobile card terminals is keeping busy establishments moving and driving better customer experiences.

Security

There are also benefits from having less cash onsite and reduced need for you or your staff to do a cash drop at a bank. In our latest merchants insights survey, our customers highlighted card payments as being more secure / safer than cash as a key benefit. Less cash reduces both the risk and impact of theft.

Accounting and recording made easy

Card payments’ ability to simplify accounting processes by providing accurate and detailed transaction records saves businesses time and effort. Businesses can easily reconcile payments, track income, and create financial reports from their their daily transaction summary, with a time-stamp for each transaction, and a monthly statement through a business portal.

“By reducing the number of variables in payment acceptance, coupled with sophisticated online reporting, productivity and efficiencies have notably improved.” Connolly Motors Group

Costs and cashflow

Reducing costs

The value from card payments delivering streamlined daily tasks and better back office processes is a brighter bottom line. There are also cost saving benefits from offering card payments and dealing with less cash. Card payment solutions do come with fees. However, there are also fees and charges, along with additional tasks, connected with cash and cheques.

Examples of paper-based costs and tasks

  • Cash drawer: reconciling cash float at end of day and rebuilding cash float for next service/ shift.
  • Daily supervision and planning: Ensuring cash drawer is replenished with coins and notes. Cash collection during or after a shift to ensure there isn’t too much cash onsite.
  • Bank runs: Cash drop  into a bank branch by owner, staff member or a third party. Coin or cash withdrawal from a branch
  • Charges: Statement fees, deposit and withdrawals fees, etc.
  • Insurance: Less cash on-site means your business’ insurance may be lower.
  • Discrepancies / shrinkage: Unaccountable loss of cash. Time needed to redo/ reset accounts and audits when there are account/ settlement discrepancies.

Settlement in your bank account the next working day

Next working day settlement, like what we offer regardless of who you bank account with, offers peace of mind. Funds processed digitally are settled into your bank account the next working day. This ensures you can cover any direct debits or recurring bills connected to your business bank account without issue.

ePOS integration opportunities

It’s little wonder more businesses are requesting for their card terminal to be integrated with their ePOS  solution, given its ability to deliver improved efficiencies and accuracy. Integrated payments remove the need for staff to manually enter a transaction twice. This saves time while also minimising human error when taking payments. Modern ePOS solutions now go further by offering additional features that support other areas of the business, such as stock management, accounting and analytics.

No sector is the same and each business has unique requirements. That’s why we partner with a number of providers whose ePOS solution and software are sector-specific and customer-focused. For merchants, this means more aspects of their businesses are better connected and efficiently run.

Future proofing payment realities

Ready for the payment demands of tomorrow

Today’s consumer, having been part of the rise in the preference of card payments, now expects card payment as an option. However, the customer of tomorrow will be digitally native to, not adopters of, card and electronic payments.

Generation Alpha, anyone born from 2010 until now, is one of Ireland largest population groups. This demographic is unique with digital payments being second nature to them, whereas previous generations of shoppers adapted to a new payment reality. Many of this group will be paying customers by the end of this decade, and by being familiar with digital payment methods, business are continuing to meet their customers’ payment needs.

More benefits on the horizon

From traditional cash and cheques, payments have evolved over the years from card terminals and eCommerce to include many digital options like payment links, person 2 person payments, digital wallets and mobile commerce. With the ancillary benefits from offering digital payments realised, merchant expectations of payment providers are now on the rise. 

Along with responsive customer support and reliable payment solutions, businesses want to work with payment providers that continue to evolve their suite of commerce solutions. AI, augmented reality payment opportunities, open banking and business-supporting analytics from payment data are playing a growing role in transaction experiences.

Businesses already seeing the added benefits of card payments today are suitably placed to gain from the next decade and a half of payment innovation.  

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Ready to start taking card payments or thinking of switching provider? Put these questions to the test with our Sales Team today.

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