20% Of Brits Don’t Carry Cash- And It’s Only Increasing

If the latest research done by the contactless and cashless service First Bus is anything to go by, Britain isn’t far from becoming fully cashless.

In a poll with 2,000 UK adult participants, it was found that one in five Britons no longer carry cash on their person, with most of them using other methods when it comes to spending money such as chip and pin, contactless or Apple Pay. Along with that, three quarters of said participants expect any shop they enter to take card, which is a huge development from the days of exclusively cash and cheques.

Physical cash has the drawback of being limited to what you’re carrying, and may not be enough if the price of a meal or luxury item comes over what you thought it might be, as found with 44% of the research subjects.

A spokesman from First Bus, the conductors of the research, had the following to say:

“The way people pay for goods and services has evolved, so we needed to ensure our ticketing changed too.

“The introduction of contactless payments alongside our digital ticketing options means that paying for bus travel is more convenient and simpler than ever before as customers don’t need to worry about having the right change for their bus fare.

“If more customers switched from cash to contactless, or purchased a digital ticket via our mTickets app, then we would be able to offer a quicker and more efficient bus service.”

The research subjects agree the sentiment of his statement. 40% of those who don’t often carry cash agree that it’s a more convenient method, and 10% don’t like carrying something as easily lost as spare change around.

Cash is seen as a hassle to many people now. 18% will usually spend more money if they physically have it on them, and a quarter of the subjects would rather use a card because of the inconvenience of getting to a cash machine. Most of the time, they will only carry a spare pound coin for a shopping trolley. Now, 33% of adults are certain Britain will become cashless soon.

It’s not only cash that is being phased out to save on time, effort and materials. Cheques are even closer to extinction with 58% of adults admitting they don’t use them, and 40% not even having a cheque book.

Within the next few years, Britain will be expected to put down the chequebooks and pick up the phones, and it’s a welcome change for most.

Trying to catch up? We here at CheaperPay can help your company accept card. According to Santander, 60% said they would use small businesses more often if they could pay using cards. Visit http://cheaperpay.me/request-a-quote/ for a FREE quote.

Getting a Trusted Online Store: The Guide

These days, online stores are becoming the new go-to option for any kind of purchase. Sites like Amazon, eBay and other similar e-commerce stores are constantly growing at the expense of the high street. If you are wishing to help your company progress and gain a worldwide following, the online store is a line you’ll have to cross at some point, and there are a lot of potential stumbling blocks that you’ll have to negate.

Make sure your site looks good

In the Internet age, patience is a rare thing. If your site isn’t friendly, easy to look at, easily navigable and fast, users can and will go back to Google to find a site that is. You only have a few seconds to draw a new customer in, so you will need a design that looks professional and is very user-friendly.

Modernity is the biggest factor in this. If your site looks dated, people lose interest. With web design, a lot of the time you do get what you pay for, so it’s worth spending that little bit extra to get a site that’s mobile friendly and that’s functional. If it fails to do this, people will view it as second-rate compared to the competition or, worse yet, believe your e-commerce store isn’t an authentic one.

Get reviews

Being able to provide good social proof will also help your site look as good as you want it to be. Reviews are an amazing thing as it helps build credibility on new sites that don’t have an established name or the money to advertise heavily.

According to studies done by the platform Optinmonster, 70 percent of online customers will decide on purchasing a product based on a review. With that in mind, providing the option for customer comments on your website or ability to make full reviews will help improve your reputation.

When sites are first beginning, it’s always a slow process. Be patient! Credibility and reputation come with time.

Another way to show off numbers and make you seem more trustworthy is the website tool Proof (link here: https://useproof.com/), which is highly useful in displaying how many people are looking at your site/ a product at any moment, which can be used to display the hype surrounding an item on your store.

Be transparent

You may have grand ambitions about what your business will look like in the near future, but the foundations of the site must be sturdy. Reputation is an important part of trust, but the attitude the company has towards customers is just as important.

Putting a lot of work into customer support can help in making the site trustworthy, as the customer is always right! Making the extra effort for anyone and everyone on your site builds loyalty, and loyal customer bases recommend your service to their friends, and a close friend’s word is a trusted word.

Be transparent. You should display your company’s e-mail address, physical address and contact number in plain sight on the homepage so the buyers know where to find support. Featuring a live chat box on your site can also help with instant support, provided you make sure it has good moderation as to avoid spam comments.

Along with that, it is important to be honest with a customer about everything in the process. If you’re a dropshipping business, make sure to keep a note of where the product goes in the information tab of the item. This will stop customers thinking they’ve been scammed when they see a foreign label on their packaging.

There is nothing bad about selling imported goods from overseas suppliers, but it can be misconstrued as a cheaper item if it isn’t explained anywhere.

Source: An eBay sale of a collector’s figurine and the item’s shipping information.

Don’t restrict yourself

Being able to accept multiple forms of payment will offer flexibility to the customer and make them feel like the company is more official. This is a major advantage compared to sites that will only deal in one or two payment methods. This isn’t necessarily something that can make or break a company, but it does mean that anyone can buy from your store, and that you have all the bells and whistles to get people to believe that your site is real.

Another way to build credibility is to have a presence on multiple platforms. Many businesses have a store on eBay, a store on Amazon and more, because it drives more traffic to the site, and racks up the reviews that are so useful in building a brand.

Sending delivery updates is another great way of letting the customer know their purchase is being taken care of. Using Smart Shipping software and other types of tracking technology is a really good idea, and something people will notice and be grateful of.

Go the extra mile- it’s worth it

Back to customer service, a kind return policy is something that gives that little bit of safety to a buyer, and will ensure that you don’t lose any business. The Consumer Rights Act of 2015 states that by law, the consumer is to be granted a refund, replacement, repair and/or compensation if goods are faulty, not as described or are sold illegally. That’s concrete and can’t be changed, which makes life a little easier for customers, but we recommend really going the extra mile.

There are many small bonuses you can add to a return policy to satisfy customers. For example, as well as a refund, you could provide store credit, or a discount voucher for their next purchase. This can even end up with a customer leaving thinking their inconvenience was actually worthwhile, and you can bet they’ll tell their friends!

Be you

Along with looking the part and being able to gain a customer’s trust, it is important for your business to have a personality and a story. The biggest reason someone would close an online store is because it’s unknown to them, and not sharing any information about your brand just breeds mistrust.

A buyer may like to know what products a store has, as well as the values of the company behind it. Coming across as a business ran by people is essential, because no one wants to give their money to a cold, emotionless corporation.

Overall, building a trustworthy online store is all about transparency, honesty and friendliness. If you treat the customers well, they’ll come back. Good luck!

Need help with taking payments through your website? Fill out our short form and get a free quote: http://cheaperpay.me/request-a-quote/

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Mobile Payments 2.0: Building Better Retail Experiences

Payments has by and large been a growth business for the last half decade or so, and that fact has been mappable in scores of innovations around the world. But, as PYMNTS’ Karen Webster pointed out, for all of those advances, one is conspicuously missing from the list — and that’s despite years of predictions that its ignition was just around the corner.

“Here’s one thing that the last three years hasn’t done: Increase the consumer’s appetite to turn their smartphones into a digital payment form factor when they check out in a physical store,” Webster said.

That reality was born out by two-and-a-half years of PYMNTS and InfoScout tracking figures in the marketplace through the Mobile Payments Adoption and Usage report.

Apple’s CEO, Tim Cook, can accurately boast that Apple Pay is far and away “the number one [near field communication (NFC)] payment service on mobile devices, with nearly 90 percent of all transactions globally,” but the reality undergirding that brag is that 90 percent of a really small number is an even smaller number.

After three years in the market — and no lack of fanfare — Apple Pay adoption rates have just barely gotten above the 5 percent mark. That is an accomplishment, though, as Samsung Pay is just over 4 percent after two years and the team at Android Pay devoutly hopes 2018 might be the year it cracks the 2 percent mark for usage.

As it turns out, consumers weren’t looking for a new form factor. It seems they like their payment cards just fine, understand them and know they work everywhere and, as such, customers are happy to whip them out at checkout nine times out of 10. That doesn’t mean they are deliriously in love with their payments processes and couldn’t be incentivized to make a change, however.

According to the PYMNTS’ How We Will Pay study, a Visa collaboration, 60 percent of consumers find their online and in-store shopping experiences unproductive, inefficient, time-consuming and even boring. The same study showed 66 percent are open to using devices to connect to a seamless payment experience.

Customers are looking for new and better ways to pay, but a change from a card to a phone isn’t registering as a better way to pay so much as it is registering as the same experience — now with a slightly different object in one’s hand.

Retailers in 2017 have seemingly started to come around to that idea. They have realized that while mobile payments alone aren’t sufficient to do much in the way of altering consumer behavior, mobile payments wrapped around a faster, cheaper and easier shopping experience might actually have some legs after all. If the first round of the “Pays” were dominated by technologists and financial services players, the 2.0 version has been much more about retailers and the value they can find via mobile.

The early figures even indicate that some are gaining a foothold.

Walmart Pay’s Rapid Rise  

According to the PYMNTS and InfoScout figures, Walmart Pay is showing the most potential in the shortest amount of time. With a year in the market and an adoption rate within striking distance of Apple’s at 5.1 percent, the data also showed 47.2 percent of respondents who shop at Walmart use it every time they can. Only 6.6 percent said they’ve never considered using it at all.

But Walmart’s real payments secret sauce is the value-added solutions around money and customer services the company built into the app that houses Walmart Pay. Consumers can also use that app to initiate wire transfers through MoneyGram, check gift card balances, apply coupons and have all receipts sent automatically to its Savings Catcher function.

The point, according to Walmart’s senior vice president of services, Daniel Eckert, is to meld payments into Walmart’s larger mission of saving time and money for the busy families that make up its customer base.

“There is something very powerful about the ease and simplicity of Walmart Pay,” Eckert told PYMNTS. “What’s even more powerful though, is what this means for our customers. We want to make every day easier for busy families. We’re connecting all the parts of Walmart into one seamless shopping experience with great stores, easy pickup, fast delivery, frictionless checkout and apps and websites that are simple to use.”

Walmart still has hurdles to clear, and high ones. Cash remains Walmart customers’ favorite payment method, and EBT cards can not be added to digital Walmart accounts for payments. But Walmart Pay, which is nearly unique among mobile wallet players, has built payments into an overall omnichannel experience that is sticky for consumers and gaining ground fast.

We look forward to 2018’s additions.

Target Jumps Into the Mobile Payments Race

Target was among the retailers who entered 2017 most eagerly hoping to hit the reset button, and rumors about it adding mobile payments to it services lineup began swirling early that January. Outside that initial tease, however, not much was heard on the subject until 2017’s closing weeks, when Target rolled out with a mobile payments platform of its own.

Notably, the company is not calling the offering “Target Pay,” though most tech writers seem to be.

Instead, Target announced in early December that it would be adding a mobile Wallet feature to its mobile app and offering consumers the opportunity to enter their Target REDcard credit or debit card into the wallet and use it to pay directly at the point of sale. Using its eWallet, Target customers can also use Cartwheel — its price matching feaure — with a single scan of their mobile devices at checkout. The goal is to make checkout quicker, and to offer convenient digital savings by including Cartwheel offers and weekly ad coupons, along with the 5 percent REDcard discount.

“Wallet in the Target app makes checkout easier and faster than ever,” said Mike McNamara, Target’s chief information and digital officer. “Guests are going to love the convenience of having payment, Cartwheel offers, weekly ad coupons and gift cards all in one place with Wallet.”

Target has further noted that gift cards and other rewards will also soon be storable within the Wallet. Echoing a theme, the company’s payments upgrade comes in the context of a broader digital push that has seen it moving more aggressively on eCommerce and omnichannel pursuits.

The retailer recently announced its new GiftNow service powered by Loop Commerce. The GiftNow option can be selected when viewing products on Target.com, allowing customers to assemble and send a gift electronically. Recipients can view the gift online, select the size or color of the product or pick another item entirely, thus saving time and money for both Target and its customers by ensuring gift recipients are sent items they will want to keep.

It has unveiled it would be adding 12 exclusive brands by the end of 2018, eight of which were already available during the 2017 holiday shopping season. The brands being introduced this year include products for babies and kids and apparel for both men and women.

“While there’s an incredible amount of change happening across retail, we’re focused on doing what’s best for our guests and leaning into what makes Target special,” said Target CEO and chairman Brian Cornell. “We’re making progress against our long-term strategy.”

The PoS Free Future

In other digital trends, it appears customers don’t want to wait in line at the point of sale (POS). The overwhelming success mobile payments has enjoyed while enabling line-busting at quick service restaurants (QSRs) all over the map speaks to that quite clearly.

In a recent interview with PYMNTS, Visa’s vice president of innovations, Shiv Singh, noted we are only really seeing the beginning of that trend as regards coming trends in mobile payments commerce for the next 18 to 24 months, according to his company’s Innovations For A Cashless World report. According to its findings, retail will soon be a world in which lining up at the cash wrap will no longer be a universal experience.

“We can look at Uber, or how Starbucks now takes 20 percent of its orders through mobile order-ahead,” Singh noted. “Can you imagine going to an Apple store and lining up at a cash register to pay? No, of course not. And now we have Amazon rolling out Amazon Go — it really is only a matter of time before that experience is part of Whole Foods as well.”

Anecdotally, one has seen the “POS everywhere” concept rolling out at retailers of all sizes and shapes nationwide. AmazonGo’s convenience store of the future, through which customers can select goods off the shelf and be automatically and correctly charged due to the magic of sensors. The company has had some notable execution issues with the tech, though, and those have necessitated some delays.

Walmart’s solution is a bit less high tech, but customers in Sam’s Club locations nationwide can already scan their purchases while walking the isles. Each item’s barcode is scanned through an app, which keeps a running tally of all items in the cart. Said app also offers checkout and payment options, as well.

When they are done shopping, Sam’s Club customers can tap to pay and have a receipt sent to their phones — no need to stop at the cash registers. That receipt is then shown to a Sam’s employee on the way out the door, much the way physical receipts are checked to ensure customers are actually paying for all their items. There are rumors that a similar service is coming soon to Walmart locations, though those rumors have not been confirmed.

But as solutions proliferate — and they surely will — one thing is becoming increasingly obvious: Mobile payments as a one-to-one replacement for credit cards may not have much of a future, and the adoption numbers seem to keep singing that same tune in a variety of keys in report after report.

But mobile payments that can exceed what credit cards offer — including faster checkout, clipping-free coupons and the ability to skip the front-of-the-store POS line-up, among others — those experiences seen to really have a hold on consumers.

Which means retailers have every reason to build them, and we look forward to reporting on their efforts.

 

Source: (Pymnts, 2017)

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Paytm Says On Track To Be World’s Biggest Digital Bank

In an interview with Bloomberg published Tuesday (Nov. 28), Paytm founder Vijay Shekhar Sharma said the company is aiming to have 500 million bank accounts.

“We are unveiling our money market fund, launching our debit card and we’ll have the capabilities to allow enterprises to open business accounts,” Sharma said. “Digital payments was our entry point, we want to become a vertically-integrated financial services company.”

While Paytm Payments Bank can accept deposits and remittances, it cannot lend money to its customers. The bank will be the country’s first mobile-only bank that does not charge fees for online transactions and will not require a minimum balance. The bank is majority owned by Sharma, but telecommunications firm One97 Communications has a 49 percent stake. According to Sharma, the company can get around regulatory obstacles to offer lending by working in partnership with One97, which will launch a credit card and offer monthly installment-based loans.

“We will launch share trading and insurance products very soon,” he added. “We want to become an nternet-agei financial services company.”

Sharma explained his company is leveling the playfield. The banking system has traditionally been skewed heavily toward those with money, while the less wealthy people of India have had a tough time paying their bills or transferring money to family members.

“Buying insurance and investing through our wealth management products will become widely accessible through the payments bank,” he said.

Paytm Payments Bank is an offshoot of digital money service Paytm, an electronic payment firm which recently obtained a permit to create a payments bank and provide financial services to those underserved by the Indian financial services industry.

 

Source: (Pymnts, 2017)

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APPLE PAY P2P Payments Coming To Apple Watch In The Autumn

 

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Peer-to-peer payments are coming to the Apple Watch this fall with the release of iOS 11 and watchOS 4.

On its website, Apple said that Apple Pay users will be able to send and receive money quickly, easily and securely via its peer-to-peer payment platform. The feature will be available right in Messenger, or users can tell Siri to pay someone using a virtual debit card or credit card already loaded into the digital wallet. When users get paid, they will receive the money instantly in the new Apple Pay Cash card that will reside in the Apple Wallet.

The move on the part of Apple to include P2P payments with the new iOS 11 and watchOS 4 comes at a time when the company is trying to get Apple Pay in the hands of more users. Earlier this month, Didi, the Uber of China (and, in fact, the local service that gobbled up Uber China last August) announced it has added Apple Pay support to its Didi Premier, Didi Express and Didi Luxe personal mobility services, in addition to its partner station-less bike rental service ofo, according to a TechCrunch news report.

Apple Pay is standard fare on any iOS device, allowing users to authenticate payments biometrically – today, with their fingerprints, and soon using Face ID on the forthcoming iPhone X. That’s on top of other iOS features Didi already supported, including Siri-powered ride hailing from within the Maps app or via the Apple Watch. With the addition of support by Didi, Apple Pay joins the likes of WeChat, Alipay, QQ Wallet, international credit cards and CMB all-in-one net payment, all of which power Didi’s core services. It also comes at a time of increased competition from Fitbit, which recently launched the Ionic smartwatch.

 

Source (Pymnts, 2017)

Small Business are losing out on revenue through a lack of cashless options!

New research by B2B marketplace Expert Market reveals that SMEs could be losing out on over £23,000 of profit a year because they cannot accept card payments.

Read more here, from SmallBusiness.co.uk > http://smallbusiness.co.uk/cash-smes-losing-profit-2537394/

CheaperPay for Your Business

At CheaperPay we understand that your first priority for your business is security, both for yourself and the consumer. That’s why we make sure you’re fully aware of PCI DSS adherence when using our products.

We offer a range of card machines – our Ingenico range comes with both contactless and Apply Pay options on the terminals meaning that you will never need to turn away business in the changing age of technology.

We also endeavor to make the process as quick as possible, and you will normally find yourself up and running within 5 working days. However, to ensure that your business’ security is not compromised we take all efforts and measures, meaning the process can take up to 2 weeks.

When a transaction takes place, you can expect the balance to appear in your business account within 2 days plus the transaction day. We ensure this happens as efficiently as possible so you can secure your daily profits are not compromised. We also mail you your statement every month so you can check these against your projections.

With our range of credit card terminals, you’ll be able to accept payment from Visa, Mastercard, American Express, Diner’s Club, Discover and JCB so you’re able to accept payments from all major credit cards and maximise on profit.

As we understand your business is an investment, we’re offering THREE MONTHS FREE to try out our services for yourself.

CheaperWaste Wins 2,000th Contract

  • Locally based recycling & waste management broker CheaperWaste Ltd. was established just 5 years ago and operates nationally
  • CheaperWaste now has more than 2,000 active customers, making it one of the UK’s largest brokers

CheaperWaste, established in Newcastle in March 2011, has signed up it’s 2,000th customer and is now growing at a rate of over 110 new contracts per month. The breakthrough comes during a period of rapid growth that has seen turnover grow by an average of 60% year on year. The multi-million pound company was started on a shoestring budget by James Jukes and Lucas Borthwick, operating from a back room office above a nightclub with 2 old laptops and a landline telephone.

Embracing new technology to offer a jargon-free, paperless approach to commercial waste management, the company has garnered a loyal customer base and boasts the lowest customer cancellation rate in the industry. Customers are contracted to CheaperWaste for a 2 year term, with the vast majority of customers choosing to extend their contracts.

The milestone contract was won by Trevor Cairns, the first full time member of staff hired by the fledgling company in 2011. The Company now employs 19 people full time and occupies the entire top floor of newly refurbished offices on Collingwood Street.

Kelvin Croney, Sales Manager at CheaperWaste said: “This is an exciting time for all of us here – I joined the company just after it was first formed and it’s great to have been at the forefront of a proper Geordie success story.”

The meteoric rise of CheaperWaste has spawned 3 new offshoot companies in recent years to form CheaperGroup. The group provides a variety of low cost essential services to startups and SME’s across the UK, including cleaning consumables, card payment solutions and internet services.

Chris Penfold, Finance Director at CheaperGroup said: “The UK is a tough marketplace for startups and the smaller end of our SME demographic. CheaperWaste offers essential services at rock bottom prices without sacrificing quality; a real winning combination when every penny counts, especially in an old fashioned industry where customers were suffering.”