What is secure payment and why is it so important?
Secure payments are those that are protected at the point of purchase, meaning that the customer’s card and bank details are protected and cannot be stolen. Your customers will be used to paying for products and services with credit and debit cards. Many customers won’t even shop at a business that doesn’t take cards. Therefore it’s important you can offer simple payment options that the customer knows are safe. A customer who feels confidant in the payment process will trust your business, is more likely to make a purchase, and is also more likely to become a repeat customer.
Gaining new customers and keeping current ones is imperative for a start up business in order to survive so we have detailed the ways in which secure payment transactions and systems can help your business.
Methods of taking secure payments
Face-to-face: Handling lots of cash can be expensive for a business. You have to store it, count it and bank it – and you’re vulnerable to theft. For a start up, a mobile Chip and PIN solution lets you take card payments more securely. With most payment consoles there is a low up-front cost and no tie-in, so it will give you a great solution with minimum investment. Many shoppers do not even carry cash any more, with contactless and chip and pin payment so readily available, so a mobile unit will make sure you don’t lose sales to those card-only customers. This is especially useful when trading at events, markets or pop-up shops, or anywhere where cash machines are in short supply.
By phone: Taking card payments by phone gets cash into your account faster than waiting for a cheque. Payment solutions like PayPal’s Virtual Terminal lets you turn your computer, smartphone or tablet into a card terminal, and quickly process payments over the phone or by mail order.
Online: If you sell online, you’ll want to make it easy and secure for customers to pay you, wherever they are in the world. Customers expect easy and secure payment methods online, so why not try a solution like PayPal’s Website Payments Standard, which turns your website into an online store.
By invoice: Some customers are used to receiving an invoice before they pay. Creating and sending an invoice by email means they can pay more securely in minutes. With many different invoicing services available it’s a great option. You receive an email to let you know the payment has been made and you’ll get your money straight away.
Thinking of starting a business? Check out our free online courses in partnership with the Open University on being an entrepreneur.
Our free Learn with Start Up Loans courses opens in new window include:
- Entrepreneurship – from ideas to reality
- First steps in innovation and entrepreneurship opens in new window
- Entrepreneurial behaviour opens in new window
Plus free courses on finance and accounting, project management, and leadership.
Reference to any organisation, business and event on this page does not constitute an endorsement or recommendation from the British Business Bank or the UK Government. Whilst we make reasonable efforts to keep the information on this page up to date, we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. The information is intended for general information purposes only and does not take into account your personal situation, nor does it constitute legal, financial, tax or other professional advice. You should always consider whether the information is applicable to your particular circumstances and, where appropriate, seek professional or specialist advice or support.
