We take paying at a card terminal for granted as customers. Just twenty years ago, the majority of us still used cash when we went out to the shops. That’s changed dramatically since the digital revolution and most of us now go equipped with our debit or credit cards. More and more often, new technology such as ApplePay is becoming common – you don’t even need a card, you just press your smartphone to the terminal and payment goes through.

Perhaps the biggest challenge for businesses is finding online payment processing that is highly secure and protects customers when they come onto your site and want to buy something. Getting this wrong can be catastrophic.

In the online world, bad news travels quickly. If your online payment system is compromised, customers are likely to take to social media to complain rather than coming direct to you for a resolution. That can give your business a difficult reputational problem to overcome – if people think you are unreliable, they are not going to spend money or give their personal details.

The problem is compounded by the fact that business need to give their customers effortless ways to pay. This has developed from the traditional cash payment to cards, mobile phones and even direct online transfers from bank accounts.

Businesses, whether they are simple startups or large corporations, need to be security minded. You may think that if you are a small business then you are less at risk. Why would a hacker be interested in you, after all? Nothing could be further from the truth. Malicious programs are generally directed at smaller business because they tend to have less in the way of security and are easier to get into.

Choosing the right service for handling card payments and online transactions is as important as working on the security of your own website or your bricks and mortar store. Pick the wrong payment processing service and you could soon find yourself facing customer complaints if things take a bad turn.

In truth, keeping up with the hackers and phishers out there is a constant battle and reputable banks and financial services have whole teams devoted to keeping on top of the latest threats. That security is constantly being updated and it’s worth looking at any merchant service to make sure that it is doing all it can to reduce risk.

Even with the best security in place, there is no guarantee that the service you use won’t be the target of an attack. Having a robust website security solution is imperative but so is choosing who you do business with – whether that’s a product supplier or your merchant service.

Tying your business to a bank that is less than reputable can have major ramifications – they are not likely to have robust security measures in place and you are highly likely to encounter problems if your system can be easily hacked. Our advice is never to take it for granted that these third-party services are as worried about security as your business. Check them out and make sure they take this key issue very seriously indeed.

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This trend shows no signs of slowing down. The credit payment adoption rate is expected to grow by up to 7 percent. This means that businesses that are still reluctant to accept credit and debit card payments can expect to fall even further behind as the trend towards contactless payments continues unabated.

It is clear that the decision two years ago to increase the amount a person can spend using card payments from 20 pounds to 30 pounds was not a bad one. The limit change led to an instant spike in the number of cashless transactions.

The impact of the increased use of card payments has been especially felt in supermarkets and restaurants. Pubs and bars have not been left behind either and have had to adapt their systems to be more adaptive to a society that is increasingly moving away from cash as the standard medium of payment.

Businesses that don’t accept card payments face a big challenge when competing with their competitors who do. According to statistics, they are not “in tune” with what the majority of customers want and risk falling behind and losing out on a lot of additional business.

Lower transaction charges

Part of the reason for the increase in card payment adoption rate is the reduction in transaction charges for both debit and credit cards. Data shows that in the last three years alone, overall charges have dropped by more than 6 percent. A high number of people are now comfortable using card payments to coffee, lunch and grocery bills. 

Preferences according to age-groups

There are notable differences in the use of card payments between different age groups. A survey was conducted by Worldpay on 2,000 consumers in the UK. The findings showed that a majority of people over the age of 45 still prefer cash as their method of payment. On the other hand, most 25-to-35-year-olds would rather never have to carry cash.

At the end of the day, all consumers want is to not have to worry about whether they have enough cash in their wallets or not. Whether it’s a coffee date or just another leisurely outing, all they want is to be able to pay in a quick and convenient way.

Ensuring card payments are secure

With the card adoption rates continuing to increase, there is an increasing need to ensure that these payments are safe for both the businesses and the customers. It is up to a business to ensure that customer’s information is kept safe. Customers trust the business which is why the feel comfortable enough to give their cards. The best way to do this is to comply with the highest data security standards possible.

Hackers are increasingly targeting card details. This means that business establishments have to up their game as card breaches are becoming an issue that can no longer be swept under the rug.

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