Iain McLean, Head of Retail Development, MasterCard UK & Ireland, outlines the benefits of accepting debit and credit card payments
Accepting card payments essential to growth
Benefits for small business of accepting credit cards, debit cards and pre-pay cards are that as most consumers now carry a card of some sort, they expect to use it.
For retailers this means that by accepting cards they attract and retain their customers much better. For a small business retailer this means that they drive increased revenues, consumers are no longer limited by the amount of cash that they’re carrying in their pocket and it also allows those retailers to open up new sales channels such as e-commerce.
Finally, card payments enable small businesses to streamline their operations. Card payments are getting increasingly fast and are often much faster than accepting cash based payments. Back office operations of small businesses can also be streamlined and it also drives out additional costs associated with handling cash.
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