“Why Should I Start Taking Card Payments?”
The likelihood is that you’re losing business if you don’t take payments by card!
If you don’t yet accept card payments in your business, you might find the prospect of doing do quite daunting. And you might well wonder why you should bother! After all, you’ve managed perfectly well with cash all these years – so why change?
This is a perfectly understandable point of view. Why try to fix something that isn’t broken? But have you considered that maybe it is broken – but invisibly, so you don’t notice?
Fewer People Are Carrying Cash Nowadays
According to a recent survey1, only 14% of people in the UK always carry cash – and just 8% of 18-to-29-year-olds.
And according to an analysis published by UK Finance in August 2022:
“During 2021 there were 23.1 million consumers who used cash only once a month or not at all ….. This was a significant increase from 13.7 million consumers the previous year, itself a significant increase compared with the year before.”
The same analysis goes on to say that in 2021 less than 15% of all payments were made by cash – and:
“Over the next decade the number of cash payments in the UK is expected to continue to fall ….. In 2031 there are forecast to be fewer than three billion cash payments made in the UK, accounting for around 6% of all payments.”2 (Our emphases)
Think how many clients and customers you are turning away from your business if cash is the only means of payment you accept?
Speed
How long does a cash transaction typically take? How long does the customer spend fumbling for change at the bottom of his pocket – and how long do you spend counting out the right change to give him? And how many customers in the queue get fed up with waiting – and don’t come back again?
By contrast, how long does a card transaction take – especially a contactless card transaction? With Dojo it’s less than 2 seconds – and you don’t have to be within WiFi range!
How many more customers could you serve if you accepted card payments through Dojo?
“How Do Card Payments Actually Work?”
Good question. If you want a detailed – but very readable – explanation of exactly how card payments work, read this article from the Bank of England entitled “How Does Paying for Stuff Work?” (a new tab will open so you won’t lose your place). It’s written for the layman so it’s not in impenetrable financial jargon.
“But What About Security?”
Business owners are very concerned about security – and understandably so. Card fraud is on the increase, and business owners are worried about their income.
That’s why Dojo has introduced a package of security measures unrivalled in the industry. Point-to-point encryption comes as standard. This means that if a transaction were hacked, all the hacker would receive would be a string of meaningless gobbledygook.
And Dojo has recently introduced a very clever system called “Enhanced Fraud Security” which helps detect and prevent card fraud. (See our Security page for more details)
Compare this to the risks attached to keeping cash on the premises – and having to take that cash to your nearest bank!
“Isn’t It Expensive to Take Card Payments?”
Not really. There is a cost involved, certainly. But think of the cost of taking cash. You have to take that cash to the bank (probably some distance away nowadays) That takes time – and time is money! And the bank will almost certainly charge you every time you pay cash into your own business account.
Add to that the hidden cost of the business you are losing through only taking cash (especially impulse purchases – remember only 14% of people have cash on them all the time ) and you will probably find that accepting card payments is an overall cost saving.
“Isn’t there a complicated compliance procedure to go through?”
If you accept card payments you have to report your PCI compliance every year. This means that you have to confirm that you meet the Payment Card Industry Data Security Standard.
That can be a complicated process – and there can be hefty fines for non-compliance. But with Dojo it couldn’t be simpler. You just read a couple of documents in plain English, tick 2 boxes on the Dojo App (or online, if you prefer) and you’re done for the next year.
“What Other Benefits Are There?
If you accept card payments through Dojo you’ll receive your payments in the bank the next day – even on Sundays and Bank Holidays. That’s faster than with cash (unless you go to the bank every day).
You’ll also be able to see and manage your account in real time on a state-of-the-art Card Payments App (or online, if you prefer).
And you may qualify for Business Funding in the form of a Dojo Advance – a fixed-fee, flexible funding option.
So why not go over to our Card Enquiry page and see how you would benefit from accepting card payments through Dojo? You’ve got nothing to lose and lots to gain – including all those potential customers and clients who don’t carry cash any more!
Prefer to Call? Call us now on: 0115 811 4247
1https://news.samsung.com/uk/cash-is-checking-out-as-more-than-half-of-brits-dont-carry-it-according-to-new-research
2https://www.ukfinance.org.uk/policy-and-guidance/reports-and-publications/uk-payment-statistics-2022