UK SMEs are losing out nearly £7.5bn across the country each year by not offering customers the option of paying by debit or credit card, according to a report released by Barclaycard.
The study found 58% SMEs are not currently able to take card payments despite 74.5% of all retail transactions across the country now being carried out in this way.
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These SMEs lose out on around one sale per week – with each opportunity worth on average £182 by not offering customers the option of paying by card. This adds up, amounting to £10,884 lost revenue for each business over the course of a year.
According to the report only 42% SMEs offer customers the option of paying by credit or debit card. Of the 58% that don’t, 28% choose not to because they believe this would entail significant cost, and 11% think it will be too complicated and wouldn’t know where to start.
In order to solve all these problems, Barclaycard has unveiled a new mobile point of sale solution, ‘Barclaycard Anywhere’, which enables businesses to take secure card payments anywhere.
The company said that the technology includes a secure card reader which attaches to a smartphone or tablet it uses a purpose-built app to accept card payments from any UK location3 securely, using chip and PIN technology.
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By GlobalDataIt also allows users to keep track of transactions through their mobile app or a secure online portal, which offers businesses crucial information about sales performance and customer buying behaviour, all at the touch of a button.
