21 Apr How retailers are benefiting from accepting card payments
EVO Payments returns as an exhibitor at this year’s Retail Tech Show from April 26th – 27th at the Olympia, London. The EVO team will be at stand 6J79. You can register for your free ticket HERE.
Offering card payments
Offering card payments with easy to install card terminals allows retail stores to utilise benefit by accepting chip and pin, digital wallet and contactless card transactions within days of signing up to EVO.
The advantages for retail stores accepting card payments has never been clearer with EVO continuing to strengthen their foothold as a provider of choice within the UK market through best-in-class customer service, competitively priced card terminal options and integrations with the leading EPOS solutions retailers are using in the industry today.
Meet your consumers’ payments preference
The continual increase in non-cash transactions began over a decade ago but was undoubtedly accelerated by the pandemic. Consumers started carrying less cash and more businesses began using card terminals for the first time to support quick, frictionless transactions, especially in the retail sector.
According to our 2022 UK consumer’s attitude to payments survey, only one in five prefer to use cash when paying in a retail store, with 43% opting for card only payments for groceries and 53% paying with card when they purchase household appliances, electronics, clothing etc.
Card transactions are the payment preference of choice, with 7 in 10 UK adults saying they prefer to use card given its convenience and ease of use. Paying through a mobile phone or wearable device is the third most popular payment option and continuing to rise, with customers becoming more aware that they have no contactless limit given their built-in security features.
Not only does having card terminals meet your consumers’ preference but it also affects customer perception with the majority believing businesses offering cash-less payment options are more customer-centric and modern.
How accepting card payments better supports businesses
EVO Payments’ (EVO) recent business sentiment survey revealed over 4 in 10 businesses feel the increased use of card payments over cash transactions has had a positive effect on helping them run their business more easily. This statistic rises to 66% for department-specific retail stores.
With running costs highlighted as the key concern for businesses in this year’s survey, it is little surprise to note the high percentage of businesses preferring card payments over cash given their cost effectiveness. Card transactions allow for money to be digitally transferred to retailers business bank account without needing to do lodgements or cash withdrawals.
Not only does this limit bank charges, it also cuts down the amount of time store staff have to spend making trips to their local bank branch, giving time back to staff which can be used to support other tasks.
Financial administration is also simplified with card transactions creating a digital record of payments that can be easily used for reporting and accounting, cutting down the amount of back office time spent on consolidating cash payments.
It supports more routine cash flow into business current accounts with payment service providers like EVO guaranteeing next day settlement on all card transactions.
Offering card acceptance also encourages higher spending, with consumers more likely to use card for larger transactions.
Why retail stores are choosing EVO
With almost a decade’s experience in the UK market, EVO has fast become a front-runner as a provider of card payments technology. EVO’s annual business survey demonstrates continued endorsement for the UK based company with 2/3 of businesses who had switched provider to EVO saying they rate them more highly than their competitors.
With no hidden fees and flexible pricing, including Ready Made bundle options, that adapts to suit your business requirements, EVO has continued to put the needs of retail stores at the forefront of what they do.
Why ISV’s are partnering with EVO
EVO’s tried and trusted integration processes, additional merchant services, including an online merchant payments portal, and partner supports, such as a partner hub, has made the payments provider a leading choice for ISV providers.
Chat with the EVO Team at Stand 6J79
The #RTS2023 countdown is nearly over with the show kicking off on Tuesday– come and see us on stand 6J79. Register for your free show pass HERE.