New research carried out by Elavon, one of Ireland’s leading card payment providers, identifies the key challenges facing small and medium retailers (SMRs) and highlights the important role of technology in helping them to grow their business and cut back on time spent on administration.
The majority of small business owners are driven by passion, with this research undertaken by Elavon showing that 88% love running their own business. However, heading up a business is hard work, and despite forward leaps in technology, payments and processes can still present a challenge for business owners. In Elavon’s research, almost four in five respondents worry about their cash flow and 58% spend more than 14 hours a week on administration. Business owners have to juggle many roles, from sales to HR to admin to logistics, and they feel the time pressures associated with having to be a ‘jack of all trades’.
Eric Horgan, Elavon’s Ireland Country Manager said, “Our success as one of Ireland’s leading card payment providers to SMRs is dependent on supporting the needs of businesses around the country. Understanding the issues facing business owners is key to providing solutions that make it easier to do business. This research highlights how technology can help SMR owners to save time; cut down the administrative burden and let them get on with the job of serving their customers. The move from cash to cards has created a massive opportunity for SMRs, increasing the speed of processing transactions, reducing cash handling fees and improving security.
“Elavon is ideally positioned to support SMRs in overcoming these challenges. We provide all the right tools to harness their business potential such as the latest card terminal technology, next day payment for all card transactions and 24/7 customer support. Next day payment is vitally important for small and medium sized businesses to help with cashflow and we are delighted to be the only payments providers to offer this great service to all businesses.”
Research shows that the way customers are choosing to pay for goods and services is rapidly evolving in Ireland, and SMRs are aware of this growth and what it means for their business. Card payment transactions have grown by an incredible 24% over the last 5 years, with debit card transactions doubling in the same period andcontactless payments reaching more than 2 million transactions each week.
The research from Elavon shows that most retailers believe that accepting cards is critical. Technological advancements have left customers expecting a hassle free and quick payment experience and retailers are continuously seeking new ways to improve their customer experience and satisfaction. talech, delivered in association with Elavon, is a tablet-based integrated ePOS (electronic point of sale) system that will allow SMR’s to manage all aspects of their business – from inventory and employee tracking, to payments and reporting. talech addresses many of the concerns highlighted by SMRs in the research, helping to decrease the amount of hours spent on admin by providing useful reports and insights to the SMRs.
Eric Horgan, in summarising the findings said: “The majority of retailers have still to fully exploit the potential of what technology can do for them. Although new technologies may seem daunting to some more traditional SMRs, almost all of those surveyed agree that getting paid quickly for card transactions was crucial to running their business. talech, in association with Elavon, enables businesses benefit from new technology and helps SMRs overcome challenges in the running of their day to day business.”