A survey of 1,000 British small and medium-sized businesses (SMEs) has found that nearly one in 10 firms lost more than £1,800 over the last 12 months as a result of not taking cards payments.
According to the research commissioned by Paypal, nearly two out of three small and medium businesses do not accept card payments. According to the survey, one in ten firms said they were discouraged by set up costs of Chip and PIN machines, while 13 per cent were deterred by high monthly usage costs.
As stated by Narik Patel, Director of PayPal’s Mobile Merchant Services: “Nowadays few consumers are carrying a cheque book with them, or even cash. This means businesses need to offer consumers alternatives, otherwise they risk missing a sale. Many small businesses have not offered card payments in the past because they’ve been put off by high fees and long-term contracts. We wanted to create an affordable ‘pay as you go’ option for them.”
For this reason, mPOS terminals that allow merchants to accept card payments anywhere with an Internet or mobile connection (verifying each transaction with an on-screen signature or PIN entry) are becoming increasingly affordable and popular.
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