As the UK moves towards a predominantly cashless society, businesses without card payment machines risk losing significant sales opportunities. According to the 2025 UK Payment Markets report, debit card transactions represented over half of all payments in 2024, while contactless and mobile payments accounted for 39%. In contrast, traditional cash payments fell below 10%.
For businesses, selecting an appropriate card payment machine is essential. This article provides insights into various models and their features, costs, and transaction fees. The devices available range from mobile card readers to countertop machines, with costs typically between £20 and £250 depending on the model.
Transaction fees vary but generally fall between 1.5% and 2% of the transaction value, with additional charges for card-not-present (CNP) transactions, often around 2.5%. Businesses can optimize cash flow by leveraging cashless payments, marking a shift away from the adage “cash is king” towards more efficient electronic transactions.
Features vary across devices, with options available for businesses in retail, food service, and events. Notable models include the Square Reader and Tide Card Reader, known for their competitive pricing and functionality. A comparison of different machines can guide small businesses in selecting the best options for their needs.
In conclusion, investing in a card payment machine is becoming increasingly necessary for small businesses seeking to thrive in a cashless environment.
Why this story matters:
- Small businesses face pressure to adopt cashless payment systems to remain competitive.
Key takeaway:
- Selecting an appropriate card payment machine can significantly impact a business’s sales and cash flow.
Opposing viewpoint:
- Some may argue that cash transactions still hold relevance for certain demographics and should not be overlooked as a payment option.
