Cashless payment has become increasingly popular in recent years and for good reason. As a business owner, there are many advantages to using cashless payment options.
- Secure payment method
- Quick and easy transaction
- Detailed reports on your non-cash income to identify trends
- The customer expects a cashless payment option
- Cost reduction
One of the biggest advantages of cashless payment is the increase in security. By offering cashless payment options, you reduce the risk of theft and counterfeiting. Cashless payments leave electronic traces that can be traced more easily than cash transactions if necessary. This can be helpful in tracking fraud or other illegal activities. Cashless payments are often more secure than cash as they are protected by various security mechanisms, such as chip and pin technologies. You also don’t have to worry about running out of money or making a mistake when counting cash.
Another advantage of cashless payment is that it improves the efficiency and speed of transactions. With cashless payment options, customers can pay faster and you don’t have to worry about the money arriving in your account. Cashless payments can be processed electronically, which means they don’t have to be recorded manually. This can help to simplify accounting and avoid errors.
Depending on the provider, you will receive several reports with interesting findings that you can incorporate into your marketing campaign or address the customer online after the stationary visit. The same is also possible the other way round and enables you to increase sales.
It can help to improve customer service: Cashless payments are expected by the customer because it allows the customer to pay faster and easier, which can increase their satisfaction.
It can help reduce costs: cashless payments can be cheaper for businesses as they have to spend less money on cash management and security.
How does SimplyPayments help me find the right payment service provider?
As a payments consultancy, we want to help you find the right provider for your business. There are many factors to consider when choosing the right payment provider, such as the types of payments your business accepts, the fees the payment provider charges, and the types of integration options the payment provider offers. To find the right payment provider for your business, we recommend that you first write down your requirements and expectations of the payment provider. This includes, for example, the types of payment methods accepted, the ability to integrate with existing systems, the cost of using the service and any additional features you require. We look forward to assisting you in your search for a payment service provider in order to find the best solution on the market for you. If you have any questions, please do not hesitate to contact us.
What are the fees for a credit card payment for me as a merchant who accepts cashless payments?
As a merchant who accepts cashless payments with credit cards, you have to pay various fees that are made up of different components. These include
- Interchange fees: These fees are charged by the credit card networks (such as Visa or Mastercard) and are used to cover the cost of processing the transaction. The amount of the interchange fee depends on various factors, such as the type of credit card, the merchant’s industry and the country in which the transaction takes place.
- Credit card acceptance service provider fees: If you want to accept credit cards as a merchant, you will usually need to engage a service provider to process the credit card transactions for you. This service provider will usually charge fees for its services, which may consist of various components, such as a monthly basic fee, a transaction fee per transaction and possibly also a fee for setting up and operating a credit card acceptance system.
- Fees charged by the credit card provider: The bank or financial institution that issues the credit card may also charge fees for processing credit card transactions. These fees are usually paid to the credit card acceptance service provider, who then passes them on to you as the merchant.
It is important to note that the exact fees for processing credit card transactions can vary depending on the credit card network, credit card acceptance service provider and credit card provider. It is therefore worth comparing the fees of different service providers and finding out about any discounts or special offers in order to find the most favorable option for you.
