50% of businesses say card transaction rates have increased
Our survey reveals that small businesses are overpaying on card processing
Our nationwide card payment survey has revealed that nearly 50% of small businesses have seen the card transaction rates from their providers increase over the last five years.
Unsurprisingly, around 70% also suggest they're considering switching provider.
These headline findings collected in our far-reaching survey provide a fascinating insight into the state of the card payment industry for small businesses.
Growing appreciation for the importance of card
With the availability of cash declining, our survey confirmed a growing awareness among small businesses of how important taking card payments is.
77% of customers recognised the main benefit of taking card payments as consumer demand. Interestingly, a further 57% also recognised that cards were an 'easier way to take payments'.
A further 50% rated card payments as 'extremely important' for their business, and 32% suggested it was 'very important'.
Security is key
Card security was named as the most important feature when choosing a solution by all our audience groups. This too was an interesting insight into what matters most to small businesses.
Additonally, 66% of customers said that 'savings' are the single biggest motivator when it comes to switching. And surprisingly perhaps, some 75% of businesses who don't currently take card still have no intention of taking card payments in the future.
Are you in the 50% suffering from spiralling transaction rates? Get in touch
Our card payments business, XLN Pay, offers a very simple price promise: we promise to beat the price you're paying now.
For those of you who have seen your transaction rates rise over recent years, that could make a big difference. Ultimately, it means you'll save every time your customers spend.
We also offer all the latest in card payment technology, contactless and mobile pay as standard, and a one-call, hassle-free swithcing service.
To find out more, visit www.xln.co.uk/pay or give one of our friendly agents a call.