The rise of contactless payments

Contactless payments are becoming increasingly popular, especially in the food and drink industry, where it is estimated that half of all debit card transactions are contactless.

In the UK, contactless payments on debit and credit cards have a maximum limit of £30 however mobile payment methods, such as Apple Pay and Google Pay, are better for food and drink businesses as their enhanced security enables consumers to make higher value transactions.

As a result of contactless technology becoming more widespread, Mastercard and Visa have announced that all card terminals must accept contactless payments by the 1st January 2020.

Moving towards a cashless society

Customers can often be put off by ‘cash-only’ payment options, and small businesses especially will need to adapt to this shift towards a more digital society to prevent a loss of customers. Many small businesses today are not set up to accept non-cash payments, but going cashless has never been easier due to recent advancements in technology.

Finding the right software

Making Tax Digital has introduced many small businesses to cloud accounting software packages that can integrate with these non-cash payment methods allowing more automation and less time requirements. One package which we have introduced many of our food & drink clients to is iZettle.

Designed to make it easier for small businesses to accept card payments, iZettle offers both a free app and an affordable card reader to create a full mobile point of sale (mPOS) solution and we have developed the knowledge, and experience, with this software to assist your business with the transition to digital.

If you would like support or advice with your food and drink business, please get in touch with our EQ Food & Drink specialists via foodanddrink@eqaccountants.co.uk or call one of our offices.

Alternatively, if you would like more information about cloud accounting software packages, please email our Making Tax Digital Taxperts.