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The Crucial Shift to Cashless Transactions for SMEs
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In the ever-changing landscape of small to medium-sized businesses (SMEs), staying ahead of the curve is imperative for sustained success. In this era of technological advancements, embracing a cashless approach has become essential for SMEs in the digital age.
At BMS, our trusted partnerships assist us in offering card machines designed to revolutionise transactions. Let’s explore the benefits of going cashless and delve into the efficiency of card machines, showing how they can help elevate sales and streamline business processes.
Why Shift to Cashless Transactions?
Enhanced Customer Experience
More than 23 million people in the UK used virtually no cash in 2021, which is likely the result of a permanent shift in payment habits towards digital methods as a result of the pandemic. EPOS systems help provide a seamless payment experience, reduced waiting times and an enhanced overall customer satisfaction. So, where convenience is paramount, customers appreciate the ease of cashless transactions.
Hygiene and Safety
Recent global events have underscored the importance of hygiene. Cashless transactions minimise physical contact, promoting a safer and more sanitary environment for both customers and employees. In 2010, over half of all payments in the UK were made using cash with around one in six payments made using debit cards. However, due to the pandemic in 2020, only one in six payments were made using cash, showing a huge decline over the past decade.
Financial Transparency and Security
Going cashless allows businesses to maintain a transparent financial record. EPOS systems seamlessly integrate with accounting software, providing real-time insights into sales and operations. This transparency is beneficial for identifying trends and facilitates better financial management.
Contactless and card machine payments offer increased security by minimising the risk of theft, providing enhanced accountability through digital transaction records, and incorporating advanced fraud prevention measures which ultimately promotes a safer and more adaptable business environment.
Adapting to Consumer Trends
Consumer preferences are shifting towards cashless transactions. Analysts estimate that the value of digital wallet tap-to-pay transactions will grow by over 150 percent by 2028. By embracing this change, SMEs position themselves as forward-thinking and adaptable, appealing to a wider audience and staying relevant in a competitive market.
In the busy world of SMEs, going cashless isn’t just a trend – it’s a smart move. With BMS and our advanced card machines and EPOS systems, there is a mutually beneficial outcome – businesses offering a seamless checkout experience foster customer appreciation, increasing the likelihood of customer loyalty.
This positive cycle helps enterprises build a dependable customer base, ultimately leading to increased revenue and ensuring a successful future in the ever-changing business world.
Don’t get left behind – let BMS keep you at the forefront of the ever-changing merchant industry!
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