Accepting card payments is now a business necessity, as Irish customers made 6.6 million card transactions each day in the second quarter of 2022 alone. A reputable payment provider can help businesses meet customer expectations for reliable card payment options while helping them improve efficiency, reduce costs and streamiline processes.
Here are the added benefits of offering card payments—beyond the initial point of sale.
Daily tasks and processes
Increase efficiency
By making it easier for staff to take and record payments with fewer 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.
Improve safety and security
There are benefits to having less cash on site such as reducing the need for you or your staff to do a cash drop at a bank. In our 2023 Business Insights insights survey, our customers highlighted card payments as being more secure and safer than cash. Less cash can help reduce both the risk and impact of theft. There are also potential cost savings: If you have less cash on-site, your business insurance may be lower.
Simplify accounting and record-keeping
Card payments help simplify accounting processes by providing accurate and detailed transaction records, saving you time and effort. You can easily reconcile payments, track income and create financial reports from your daily transaction summary, which includes a time stamp for each transaction and a monthly statement through your 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 cash flow
Reduce costs
Card payments help reduce costs by streamlining daily tasks and improving back-office processes. And while card payment solutions do come with fees, accepting cash and cheque payments also carries a cost.
Examples of paper-based costs and tasks include:
- Cash drawer: reconciling cash float at the end of the day and rebuilding it for the next service/ shift
- Daily supervision and planning: ensuring the cash drawer is replenished with coins and notes
- Cash collection: ensuring there isn't too much cash in the drawer onsite during or after a shift
- Bank runs: dropping or withdrawing cash and coins at a bank branch
- Charges: Statement fees, deposit and withdrawal fees, etc.
- Discrepancies and shrinkage: redoing or resetting accounts and audits when there are account or settlement discrepancies such as an unaccountable loss of cash
Settlement in your bank account the next working day
Next working day settlement, like what we offer regardless of who you bank with, offers peace of mind. Funds processed digitally are settled into your bank account the next working day—no trip to the bank required. Having your money deposited quickly into your business accounts helps ensure you can cover any direct debits or recurring bills connected to your business bank account without issue.
Integration opportunities
More businesses are requesting that their card terminal be integrated with their electronic point-of-sale (ePOS) solution to deliver improved efficiencies and greater accuracy.
Integrated payments remove the need for staff to manually enter a transaction twice, saving time while 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 several providers whose ePOS solution and software are sector-specific and customer-focused. This means more aspects of your business are better connected and efficiently run.
Choose a future-proofed payment provider
At BOIPA, we’re continually evolving to meet the new and future needs of businesses. Reach out today to find a payment solution that meets your needs today and tomorrow.