Cash might be king, but it’s more common to not actually carry any of it around these days. Consumers are more likely to pay with a debit or credit card for even small transactions.
That creates a problem for small businesses who are burdened with supporting the infrastructure needed to accept these payments. Point of sales (POS) systems can be costly, and then the merchant also loses a few percentage points on each transaction made with a credit card. For a small business, that’s skimming off the top of a bottom line that already has a slim margin.
Accepting card payments can also slow down the lineup and cause for customers to become impatient and leave. That’s why Tim Hortons’ avoided accepting debit payment until late last year. But new mobile phone payment options could help alleviate some of the annoyances of non-cash payment. Check out how in this week’s Express IT: