Does taking cards really boost your business?
With constant media articles encouraging retailers to take cards
face-to-face, over the phone, by mail or take cards online, do the facts really
stack up to show cards are the first choice payment for consumers in this
The answer is yes. In recent years, £354 billion was spent on cards annually with expenditure on cards growing at around 13% per annum according to APACS statistics.
We have recently undertaken research which indicates that consumers prefer to use cards, with four in ten (42%) even going to say their lives would be much easier if they could pay for everything with cards rather than ever carry cash.
Furthermore research undertaken by Independent UK Credit Card Comparisons earlier this year revealed that around a third of consumers carry only £10 or less on them in cash and nearly half of consumers only withdraw money from a cash point once a week or less.
Card payments can also increase loyalty. If a customer who orders remotely has stored their account details alongside a delivery address, or favourite product, then it contributes to a more hassle-free experience which can encourage repeat purchases. This type of business intelligence can also be used to track customer preferences, so you can better regulate your stock control and pricing.