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CMC Market's revealed that Reading is one of the best places in the UK to open a new business.
From December 2017 to December 2022, only 0.13% of businesses in Reading went into liquidation. In other parts of the UK, businesses ceasing trading reached up to 3%.
Setting up a business in Reading has a high success rate, yet of course, there can still be some challenges.
UTP has been helping businesses succeed with card payments for over 10 years. They offer a range of payment solutions and services to businesses in Europe. Here are some challenges new businesses often face, and how with UTP you can prevent them.
Managing cash flow
Cash flow is one of the most important factors in ensuring your business is successful. Poor cash flow management can lead to delayed payments and can have a negative impact on your business.
UTP provides all their customers with a free payment service. This is called Faster Processing and sees your business get paid within a few hours. Your business can be funded after each transaction, hourly or at the end of your trading day. It takes most merchant service providers up to four days to fund their customers. But with UTP, you can get paid when it suits you—even on weekends.
Multichannel payment methods
Both business owners and customers have something alike. We all want to pay and take payments in a way that's convenient and time effective. For many of us, our first option is contactless. Whether it be a physical credit or debit card or on your smart device, contactless payments are fast. Contactless payments equate to 93% of all payments under £100. In fact, over half of us would abort a payment if we couldn't pay by card.
Another popular payment method that saves time is card-not-present (CNP) payments. Instead of going to the business to pay, you will share your card details to make the transaction. This is normally done over the phone or entered online. CNP is a convenient payment method and can be the difference between a successful sale or not.
Today, many businesses offer different payment methods. For example, a restaurant may provide pay-at-table service using a portable card machine. Yet, they also take booking deposits. To save the customer from having to travel to the restaurant to pay the deposit, they take the deposit over the phone. This saves the customer time and leads to improved customer satisfaction. It is also time effective for the business.
UTP provides a range of card machines for business. Countertop and portable card machines take payments within your establishment. While mobile card machines can be used on the go, due to a roaming SIM card. UTP also provides online payment methods. Their eCommerce payment gateway enables your customers to buy products online. Like other online shopping experiences, you add things to your cart, pay and receive the item in the post. Another method businesses use to take CNP payments is a virtual terminal. These transactions are made over the phone or via a payment link. UTP’s customers often take booking and fast-food orders on their Virtual Terminals.
Security and fraud
Your business is required to follow the PCI Data Security Standard (PCI DSS). This ensures all data is safe from hackers and data breaches. If your business is not found to be PCI DSS compliant, you risk receiving hefty monthly fines.
For extra protection, UTP customers get UTP Shield. A free anti-fraud software, protecting businesses 24/7/365. The software works by creating a profile of your business. This includes your usual trading hours, average transaction value and the payment methods accepted. UTP are then able to spot any suspicious transactions and notify you by email or text. The notification will detail why the transaction was flagged. It is up to your discretion whether to accept or decline the transaction.
Are you planning to open a business in Reading, or looking to switch card machine providers? Contact UTP to get your free quote and find out more.
Call: 0330 99 99 300
Email: enquiries@utpgroup.co.uk
(Image: UTP)
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