Why are electronic payments important these days?

What do we cover?

  • More sales are made using electronic services than ever before – and this is rising.
  • Cash is used less and less.
  • You will miss out on sales if you don’t take cards and other non-cash payments.
  • Kernow Merchant Services can make sure you have the best system.

So – why are electronic payments important?

In 2019, for the first time, more than half of all transactions involved a card. Cash accounted for only 23% of payments – down from 58% in 2009. 

But the overarching message is – cash is now a minor player. If you don’t take payments via card or electronic means you are missing out on large numbers of customers who like to pay this way.

The biggest message is – you need to take payments other than in cash! Because:

  • Fewer people carry cash
  • This was before the global pandemic
  • Restrictions and reducing contact between you and customers will likely continue as we learn to live with the virus
  • People will choose not to purchase from you if you only take cash

There are a myriad of options – which we can help unpick. Because we deal daily with payment solutions we can tailor your solution exactly to your needs.

Online or on location?

The nature of your business will determine this to an extent – but ask yourself these questions:

  1. Do I take more payments by card, online or in person?
  2. Have I pivoted to continue trading in the pandemic?
  3. Are these possible long term changes?
  4. Have the changes improved my ability to serve my customers?
  5. What do I need to do to maintain these changes efficiently?

It may be that you need to rethink how you take payments, and the changing nature of the payments you receive make it vital that you review your systems. A solution which was working well in the past may now be costing you excess money. 

If your model has moved online from a physical location, or has become a mixture of both, you definitely should give us a call to see what we can do to consolidate your systems. If you are purely in person, your customers will expect you to have contactless and chip and pin more and more.

Contactless or by card?

All our machines are both contactless and pin code ready. This is really important if you are face to face. People are uncomfortable passing physical items at the moment and it is important to make the process as contact free as possible. It has been mentioned repeatedly by those in power that we will likely see restrictions reducing – allowing us to open the economy again – but they will not disappear in the foreseeable future. Next winter, we may be back in masks and hand hygiene is here to stay. If you are not taking electronic payments, you are going to be left behind by those who are. If you are – especially as the number of transactions using them increases – you need to make certain you are using the most efficient system you can.

How can Kernow Merchant Services Help?

If you already have systems, it is still worth a conversation with one of our expert advisors. We are confident we can save you money – but will be up front with you if your current deal is the best available. 

If you are new to electronic payments – again we will advise you of where the best place to find your system and match your business model with the best deal so that you keep as much of your revenue as possible.

Call us on 07444740310 and we will make sure you speak to one of our UK based team who will be able to assess the needs of your business and advise on the best way forward for you.

You can see more detailed information about types of payment and how they are changing over time here

You can check how much you would save with us here:

Why are electronic payments important these days?
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