For small businesses, the decision on whether or not to accept card payments is an important one as it can affect everything from the day-to-day running of your business to the profit generated. However, with the majority of consumer transactions now happening online and with the customer expecting accessible and quick transaction processes, there’s much more business opportunity for digital payments and going cashless.
If your business is in a taboo industry, you’ll need a secure payment gateway and high risk merchant account that enables you to take secure cashless transactions.
With most small businesses viewing cashless acceptance as an unappealing value proposition, due to the processing fees and the digital payment process itself, the below gifographic by Total Processing outlines the key benefits of cashless transactions in an animated and clear design.
The animated infographic weighs up the advantages and disadvantages of card payments over the traditional cash and cheque methods, as well as the options available for online payments. Some options for your small business include PayStand, Take-a-Payment, Merchant Warehouse, Flint and Payline Data.
Wondering why your business should go cashless? Building a cashless ecosystem around small business merchants not only provides an opportunity for financial inclusion, but should also provide a value proposition that is equal to, if not greater than, the cash system. The gifographic below goes into detail on how you can go about adopting electronic payments for your business, some of the key obstacles you might face in the process, as well as a comparison between cash and card payments from a merchant perspective.
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